Greens MP Adam Bandt says he will test support for the establishment of a new sovereign wealth fund when Parliament resumes next year.

Mr Bandt says there is growing support inside the old parties for a new sovereign wealth fund. He wants use the opportunity provided by the current Parliament to take the first steps next year towards establishing a new fund.

"Establishing a sovereign wealth fund is the next big step in economic reform," Mr Bandt said.

"We are selling off our resources without putting any aside for a rainy day or a post-mining boom economy."

"We are squandering a once in a lifetime opportunity to set the country up for the future."

"A new fund could be another important economic stabiliser and provide the country protection from overheating or a future economic downturn."

"A new sovereign wealth fund could provide for the country's future infrastructure needs."

"At least 36 countries in the world now have sovereign wealth funds and a Productivity Commission review will assist us in establishing the best way for Australia, including any changes to the existing Future Fund."

The motion reads:

That the House:

1) resolves that a new Australian sovereign wealth fund should be established; and

2) calls on the Treasurer to present a report from the Productivity Commission detailing options as to:
* how the fund should be established;
* the fund's revenue and expenditure;
* the fund's objects and governance structures; and
* any other relevant matters.

This report should be presented to the House no later than 26 October 2012.