A Senate inquiry will consider giving payouts of at least $20,000 to every member of the stolen generations under a potential new scheme.
Democrat senator Andrew Bartlett has led the push to examine the scheme, which would also involve paying people an extra $3000 in compensation for each year a person spent in an institution following removal from their family.
"It is vital for those who support compensation to make their case to the Senate committee," Senator Bartlett told the Sydney Morning Herald.
"If people in the community who support compensation do not make the case now the opportunity could well be lost for good."
The Federal Government has resisted calls for compensation since making the historic apology, although the Tasmanian government has already set asside a $5 million compensation fund for victims.