Queensland federal MP Bob Katter says the social and economic costs if coal seam gas (CSG) activities contaminated the Great Artesian Basin would be catastrophic.

Mr Katter, the Member for Kennedy, has introduced a bill to the Federal Parliament for the second time, calling for a two-year moratorium on CSG aquifer drilling.

A similar bill was voted down last year.

Mr Katter says CSG production has the potential to harm water supplies and does not bring much financial return for Australians.

"This would be a nightmare for cattle and sheepmen, it would be a nightmare for farmers and it would lead to future generations of Australia - we inherited the Great Artesian Basin, our grandchildren will not inherit it, it will be gone," he said.

"It will have leaked away through the thousands of holes that have been put down it to make foreign corporations rich.

"We get contaminated aquifers including the artesian aquifer and also they're running down our underground aquifers in an effort to get at the gas.

"They take the water - we've got people desperate for water to continue their cattle operations.

"They can't get the water, yet hundreds of thousands of megalitres are being taken by the gas industry."