The proposed charge would be in addition to a new A$6 billion government-imposed tax on the biggest financial institutions in 2017 to help bring the federal budget back into a surplus by 2021. Australia ’s Labor party has said it will implement a AUD$640 m ( $ 457 m ) tax on the country ’s largest banks should it win May ’s election . The tax would apply to Australia 's largest banks including Commonwealth Bank of Australia , Westpac Banking , Australia and New Zealand Banking Group and National Australia Bank , and would be split over four years , to fund counselling for people with financial problems or who have had problems caused by banks . The country ’s banking industry is suffering from numerous scandals investigated by a recent Royal Commission which recommended legislation to help clean up the industry .
Australia ’s Labor party has said it will implement a AUD$640 m ( $ 457 m ) tax on the country ’s largest banks should it win May ’s election . The tax would apply to Australia 's largest banks including Commonwealth Bank of Australia , Westpac Banking , Australia and New Zealand Banking Group and National Australia Bank , and would be split over four years , to fund counselling for people with financial problems or who have had problems caused by banks . The country ’s banking industry is suffering from numerous scandals investigated by a recent Royal Commission which recommended legislation to help clean up the industry .