The prime minister raised the possibility after Anthony Albanese backed calls for a commission.

The federal opposition leader endorsed the public campaign after meeting with Julie-Ann Finney, whose son David died by suicide earlier this year.

"We can do better. We must do better. We need a royal commission into veteran suicide," Mr Albanese said.

Mr Morrison, who has also met with Ms Finney, flagged further action to address veteran suicides.

"I have remained open to this question and I remain open to this question," he told parliament on Tuesday.

"We will continue to reflect on these things over the break before making a decision on this matter."

Defence Minister Linda Reynolds told the senate all options were on the table and the government was "actively considering" a royal commission.

Figures released last week reveal more than 400 serving and ex-service men and women have taken their own lives since 2001.

The suicide rate for ex-servicemen is 18 per cent higher than the broader population and ex-servicewomen are twice as likely to take their own lives than other Australian women.

"Australia can no longer tolerate this senseless loss of life," Mr Albanese said.

"This is nothing less than a crisis and as a nation, we need to do all we can to tackle this."

But support for the royal commission has not been universal.

The RSL has argued the money could be better spend bolstering existing support for veterans.

Labor wants a royal commission to hear personal stories from serving and ex-service men and women, as well as their families.

It also wants to investigate the Department of Veterans' Affairs and government spending more broadly.

Mr Albanese wants the commission to examine the transition to civilian life when people leave Defence.

"One death is one too many and we need to act. Labor is calling upon the government to act," he said.

There have been inquiries into veteran suicide in the past, but the number of lives lost continues to climb.

Mr Albanese said the issue required a comprehensive inquiry only possible through a royal commission.

"The government should make this decision. They should make it today. And we should, as a country, all welcome that announcement because I'm sure it will be welcomed by veterans and their families," he said.

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Australian Associated Press