Pilots and aviation experts have expressed alarm that proposals to force Australia's aviation regulator to consider the financial interests of industry operators could compromise the country's air safety regime.

The role of aviation safety regulators has been in the spotlight following the fatal crash of Ethiopian Airlines flight 302 last Sunday, with the US Federal Aviation Administration facing questions about whether it gives too much weight to the US aviation industry's profits.

An employee works on a Boeing 737 Max 9 plane at the company's manufacturing facility in Renton, Washington. Credit:Bloomberg

The FAA grounded all Boeing 737 MAX aircraft in the US on Thursday, two days after Australian and European authorities ordered the relatively new aircraft to stop flying.

The 737 MAX crises has prompted fresh scrutiny of a bill the Morrison government introduced to parliament last month that would require the Civil Aviation Safety Authority (CASA) for the first time to "consider the economic and cost impact on individuals, businesses and the community" when making aviation safety rules.