The federal government looks set to reject calls for a blanket ban on gambling advertising, with cabinet minister Bill Shorten arguing media companies need the revenue in a battle with social media platforms.

Mr Shorten has also used the ABC's Q+A program on Monday to launch a stinging attack on the Reserve Bank, insisting federal government spending is not driving inflation in the economy.

The government is considering a crackdown on gaming advertising in response to a 2022 Senate inquiry into online gambling harm. The inquiry, chaired by the late Labor MP Peta Murphy, recommended a total ban.

"I'm not convinced that complete prohibition works," Mr Shorten, the minister for the NDIS and government services, told Q+A.

But the government will "go further" than a proposal from the opposition to ban ads during and around sports broadcasts, he said.

"I think we can do better than one hour before, during and after," he said.

"I think there is no reason why gambling ads should be on when there's kids' shows on."

On Q+A, Senate crossbencher Jacqui Lambie said both sides of politics "don't have the courage to stand up against" gaming and media interests ahead of a federal election due in the next 12 months.

But Mr Shorten said commercial media operators were "under massive attack by Facebook" and needed the revenue.

"Some of you might say, 'well, bugger them, just don't worry, we don't need free-to-air media' … but free-to-air media is in diabolical trouble," he said.

"That's the discussion we're not having."

Michael Stutchbury, outgoing editor-in-chief of Nine's Australian Financial Review, told Q+A that free-to-air TV was "under pressure around the world" and a total ad ban would be "an extreme thing".

Liberal frontbencher Jane Hume said, "you have to find the right balance".

"It is not an illegal past-time," she said. "Adults can participate by choice."

On Saturday, an open letter endorsing a total gaming ad ban was signed by former Liberal prime ministers John Howard and Malcolm Turnbull, former Liberal premiers Dominic Perrottet and Jeff Kennett and former Labor premier Steve Bracks.

Tim Costello, chief advocate of the Alliance for Gambling Reform, believes a number of Labor backbenchers also support a total ban.

Labor MP Mike Freelander told the ABC on Monday a total ban was "the only possible answer … from a public health perspective".

Shorten: RBA deserves more criticism

Addressing cost-of-living concerns, Bill Shorten rejected criticism that government spending was keeping inflation — and interest rates — high.

"I see this pure doctrine from the Liberals and other conservative commentators who say it's all the government's fault about inflation. It is not," he said.

"If you keep rates up too long or suddenly withdraw a lot of government expenditure, you could push us into more diabolical recession-like circumstances."

And he said the RBA was "not immune from criticism".

"The RBA told investors and home owners and mortgage holders three years ago, four years [ago], that interest rates will stay low for a long time. That led a lot of people into tough circumstances," he said.

"I think there should have been more criticism of the RBA then and maybe we wouldn't be quite where we are."

Shorten's defence of government spending won support from a Nobel Prize-winning economist.

Joseph Stiglitz, touring Australia with a new book on the dangers of unregulated capitalism, said inflation was a global problem thanks to the impact of Russia's invasion of Ukraine and the COVID pandemic.

"In the US, where we had inflation like you have … the balance between demand and supply was the cause of inflation," he told Q+A.

"You look at the timing, you look at where the inflation is … it's unambiguous. There is no doubt that it is not caused by aggregate demand, excess government spending."

But Jane Hume, the shadow finance minister, said the RBA was "doing the heavy lifting" because the government "has one foot on the brake and one on the accelerator".

Watch the full episode of Q+A on ABC iview.

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