Federal MP Clive Palmer says the Queensland premier will pay dearly for his “brain snap” and defamation action is guaranteed.

He says he will sue Campbell Newman after the premier alleged the mining magnate turned MP had tried to “buy” Queensland’s Liberal National Party government.

Mr Palmer says it isn’t about the money, but rather making sure the premier is held to account for making false and defamatory statements.

Asked how much he would seek in damages, Mr Palmer told AAP: “I don’t know, I haven’t thought about it.

“It’s more about that he has made serious allegations.”

At a media conference with Prime Minister Tony Abbott on Sunday, Mr Newman accused Mr Palmer of trying to buy the Queensland government.

He also questioned what “inducements” were offered to get three Northern Territory MPs to join his political party.

“This is a man who tried to buy a government, my government,” Mr Newman told reporters.

This is a man who tried to buy a government, my government

“We said ‘go away’. We said ‘we’re not for sale’.

“I ask what inducements were offered to these three (Northern Territory) MPs? What promises, what inducements were offered to them to jump ship?”

Mr Palmer said Mr Newman was an angry man who would pay for what could only be described as a “brain snap”.

“He will get his day in court,” Mr Palmer told AAP.

“This will be going to trial.”

Mr Palmer said Northern Territory indigenous MPs Alison Anderson, Larisa Lee and Francis Xavier Kurrupuwuy weren’t offered any inducements to join his Palmer United Party.

In fact they called him about joining the party, he said.

The three MPs quit the NT’s ruling Country Liberal Party early in April as a result of a rift between Ms Anderson and Chief Minister Adam Giles, saying they wanted to create their own regional political party.

Mr Palmer, who will soon hold the balance of power in the Senate with other cross-benchers, says his latest spat with Mr Newman won’t affect his dealings with the federal government.

“I don’t hold it against Tony Abbott,” he said.

AAP has sought comment from the premier.

Mr Newman is already facing an unrelated defamation case by Hannay Lawyers principal Chris Hannay, after the premier said lawyers who represent outlaw bikies are part of the criminal gang machine.

Federal Opposition Leader Bill Shorten said he didn’t want to inflame the situation.

But he said it was Mr Newman’s “fairly hot comments” that sparked Mr Palmer’s threat of legal action.

“I’m not going to give advice to Campbell Newman on his attacks on Clive Palmer, he told reporters.

“Frankly, that’s their business.”