The Greens will present their plan for a commission of inquiry into Australia's banking sector to cross-party MPs on Tuesday in the hope of bypassing the Turnbull government.
Dubbed a road map for change, the party has drafted legislation for an inquiry which would report back to parliament instead of the executive, as would be the case under a royal commission.
"There's no doubt the road is going to be bumpy, there's going to be some obstacles, a lot of back-seat drivers, maybe even an attempted car-jacking or two before this happens but this is a way forward," Greens treasury spokesman Peter Whish-Wilson told reporters in Canberra on Monday.
Senator Whish-Wilson said the bill would be a way for Labor leader Bill Shorten - who supports a royal commission - to put his money where his mouth is.
He spent the weekend on the phone to crossbench colleagues ahead of a cross-party meeting on Tuesday.
"This is serious. This is action. This is what the Australian people want," he said.
The Greens hope to get the support of Nationals MP George Christensen, who has indicated he would back a similar bill from Bob Katter in the lower house.
The inquiry would still have the ability to compel witnesses like a royal commission, Senator Whish-Wilson said.
He conceded such a commission could take six months to just get off the ground.
Senator Whish-Wilson dismissed as "dog and pony" shows the regular appearances of bank chiefs before a lower house committee.
The CEOs didn't answer the questions which need to be answered while the middle management and financial advisors who were often involved in misconduct were never called.
"We never get to put them under the pump and they walk away scot-free," Senator Whish-Wilson said.
"No one's been thrown in jail yet for some absolute horrific financial catastrophes that have ripped the guts out a lot of Australian families."
