Keep calm and follow PUP, says Lambie

Calm down, cowboy Joe.

That's senator-elect Jacqui Lambie's advice to Treasurer Joe Hockey, the man she calls - and this is a truncated version - a deceitful, political politician who hit the panic button in his budget.

"Calm down there cowboy Joe, calm down," she added on the ABC's 7.30 program.

"You are coming out with all guns blazing and you are hitting welfare like there is no tomorrow and that is not the answer."

Ms Lambie thinks Mr Hockey should pay more attention to initiatives from her party, the Palmer United Party, in a bid to fix up his budget.

One idea is free university education to generate better ideas and a better economy.

That's just commonsense, she says.

But it seems Mr Hockey is not listening to PUP or its founder, billionaire Clive Palmer.

"So I am just gathering that young gun Joe knows exactly what he is doing, but I have my doubts. Like I said, you have one that's a millionaire and one that's a billionaire and that's the end of that," she said.

More revenue could be taken from the big banks, Ms Lambie says. But she hasn't floated that idea past Mr Palmer yet.