Senate to consider new union watchdog

New laws to bring penalties for dodgy union officials into line with company directors who rip off shareholders will be considered by the Senate.

Employment Minister Eric Abetz has flagged he'll put his registered organisations bill on Thursday's upper house agenda.

He's argued a spate of recent scandals involving the misuse of member funds highlights the need for stronger oversight of the trade union movement.

The bill will establish a new independent watchdog - the Registered Organisations Commission - to scrutinise union activity.

It will have strong investigative powers akin to the company watchdog ASIC.

The bill will also put corrupt union bosses on the same compliance and penalty regime as company directors - five years in prison and more than $300,000 in fines for misconduct.