Treasurer Scott Morrison won’t be consulting the federal opposition on the terms of reference for the royal commission into the financial sector, including bank misconduct.

Shadow treasurer Chris Bowen says it’s important the inquiry have bipartisan support and part of that is to properly consult on its scope.

‘Taking economic advice from the Labor Party is like asking a drunk-driver to give you driving lessons – I don’t think they have a lot to offer here,’ Mr Morrison told reporters on Wednesday.