Liberal MP Julian Leeser, who will chair the new parliamentary committee looking into the matter, said recent high-profile cases prove major Australian companies are failing Indigenous consumers.

Telstra was fined $50 million earlier this year after staff sold almost 110 Indigenous people multiple phone contracts they did not understand and could not afford.

"This and other cases indicate that significant gaps still remain in the corporate sector's understanding of the needs of Indigenous people and the barriers that many of them face," Mr Leeser said.

"This is true even among businesses that have ... done some good things in relation to Indigenous engagement."

Submissions to the committee are now open and it will hand down its final report by the end of March 2022.

Australian Associated Press