No harm assessing Palmer fund: Cormann

Finance Minister Mathias Cormann sees "no harm" in examining Clive Palmer's idea of setting up a fund to help failing businesses.

But the government, which doesn't agree with the concept of an industry assistance fund, will have a majority on the committee looking at the plan.

"Our judgment was no harm done with having a committee of the parliament look at something, even though in principle we do not support it," Senator Cormann told Network 10 on Sunday.

"We haven't agreed to the fund."

The PUP leader's Australia Fund, branded the "Palmer piggy bank" by Labor, would provide money for businesses to buy equipment to make them more competitive and economically viable.

Asked to rule out such a fund, Senator Cormann pointed to the government's track record on industry assistance.

Over the past year it has not generally handed over much government cash to industry.

"It might well be that the parliamentary committee itself, having looked at all of the issues, comes to the view that it's not a good idea," Senator Cormann said before pointing out government members would make up the majority.

No decision had yet been made on whether Mr Palmer would sit on the committee for the inquiry.