Palmer proposes national emergency fund

Businessman MP Clive Palmer believes there should be a national emergency fund that can provide speedy assistance in the event of natural disaster or industry collapse.

Backed by other independents, he's proposing a parliamentary committee examine the best way to launch this new Australia Fund.

He said the fund could provide emergency and ongoing relief.

"We have got to do something to set up a permanent body, which will be well-staffed and ready to act, not in five months time, not in one year's time but immediately Australian interests are threatened," he told reporters.

Queensland independent Bob Katter agreed: "Whether you have an outbreak of foot and mouth disease ... a cyclone, Brisbane floods, maybe the worst drought in probably 70-80 years ... there's a fund there that can act quickly."

Tasmanian independent Andrew Wilkie said this could provide a reliable and systemic solution to dealing with crises.

"Up until now we deal with crises on an ad hoc basis," he said.

Mr Palmer is proposing a private member's bill to launch the committee inquiry.

If successful, it will report back to parliament with findings and recommendations.