Mr Turnbull said the government should be condemned for establishing an unlimited bank deposit guarantee that Reserve Bank governor Glenn Stevens says is creating serious dislocation in the financial system.

The treasurer was wrong to introduce the bank deposits guarantee legislation when he knew it was misconceived and in need of drastic amendment.

The new deposit tax announced by the government in question time yesterday would impose a huge cost increase on Australian banks, Mr Turnbull said.

"A cost they would seek to recover by increased interest rates and fees," he said.

Earlier, the government demanded that Opposition Leader Malcolm Turnbull apologise for coalition attacks on the head of Treasury and the nation's central bank.

But for the second time in two days Mr Turnbull ignored the demand.

The government called on Mr Turnbull to apologise for comments made by Liberal MP Don Randall who accused Reserve Bank Governor Glenn Stevens of being "caught out" on interest rates.

It also wanted Mr Turnbull to apologise for comments Liberal Senator Eric Abetz directed at Treasury Secretary Ken Henry during a budget estimates hearing yesterday.

Mr Turnbull must also apologise for "reckless and irresponsible" attacks he made about Dr Henry during question time on Tuesday, government Leader of the House Anthony Albanese said.

Confidence in Australia's regulators was essential at a time of global financial crisis, he said.

"In the last three days we have seen three unprecedented attacks from the Liberal Party of Australia."

It was "political cannibalism of the worst kind".

Liberal frontbencher Christopher Pyne said it was "utterly unprecedented" in the history of federation for a motion to be moved demanding an action by any member of parliament.

"It is uncalled for and it is out of order," he said.

"It is out of order because it is unparliamentary. It is a potential breach of privilege."

"(Mr Albanese) has come in and moved a frivolous motion, a foolish motion, a trivial motion (and has) reduced the house to a side-show, a rag-time show," Mr Pyne said.

Mr Albanese later tabled a written apology from Mr Randall.