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Posed with the possibility of pricing controls for the dairy industry after reports of baby formula once again flying off Australian shelves, Sky News contributor Cory Bernardi says "sanctioned price controls is called socialism".

There have been reports that the trade of baby formula has picked up again, as new laws banning the shipping of Australian medical products does not apply to the formula.

One Nation leader Pauline Hanson said "people should be heavily fined" for the exporting of the much needed product.

Mr Bernardi took a contrary view and said the market clearly isn't working given there are "many dairy farmers who are struggling" and should therefore try and produce the baby formula to export it overseas and meet the Chinese demand.

Criticised for changing his tune after previously voting down Hanson's bill to enforce price controls on the dairy industry, Mr Bernardi said it was just an "old socialist platform about price fixing".

He told Sky News host Paul Murray the world has time and time again "demonstrated that government sanctioned price controls is called socialism and it fails everywhere it's tried".

Image: AP