The day in federal parliament

TODAY IN FEDERAL PARLIAMENT

* The House of Representatives and Senate are sitting four days this week - the last before the winter break.

* Legislation for a planned government levy on the nation's big banks could clear the lower house as early as Monday.

* Question time in both houses at 2pm.

WHAT'S MAKING NEWS * Retiring Liberal senator Chris Back has flagged he might not vote for the government's schools funding model if it disadvantages Catholic schools.

* Energy Minister Josh Frydenberg says the government will take its time to develop a policy based on the Finkel review of the electricity market.

* Malcolm Turnbull is considering a major ministry reshuffle as the government prepares to forge ahead with a new national security mega department.

* No change in the latest in the latest Newspoll with Labor leading the coalition 53-47 per cent. Turnbull's satisfaction standing with voters is down three points to 32 per cent, but he still leads Bill Shorten as preferred prime minister 44-31 per cent.

WHAT'S ON THE AGENDA

*The House of Reps: MPs debate private bills, then government legislation including for a levy on the big banks; Medicare guarantee.

* Senate: Senators debate government legislation including: GST on low-value goods; budget appropriation bills; online safety for children.

COMPETING ARGUMENTS

* Government spin: Our plan for schools funding will fix the inequities, the distortions, the inconsistencies and replace it with a national needs-based funding approach for the future.

* Opposition attack: The truth is $22 billion of cuts will hit public schools the worst, will have a terrible effect on your average Catholic systemic school, and will see some elite, well-resourced schools get millions of dollars of increases.

WHAT THEY'RE SAYING

"I flew in this morning, it was a beautiful day, not a puff of wind and if memory serves me correct, it was dark last night, so you switched off your coal-fired power stations, how do you turn on the lights?" - Deputy PM Barnaby Joyce on renewable energy's inability to provide baseline power.

TWEETED

@samdastyari: Abbott 2013: STOP THE BOATS Turnbull 2017: STOP THE POLLS.