Banks can make a choice over levy: Bowen

TREASURER Chris Bowen says banks have a choice now that the government has announced a new levy on deposits.

Either absorb the "modest" costs, or pass it onto their customers.

The federal government will set up an insurance fund to gradually build over time to a target size of 0.5 per cent of total bank deposits.

The levy, to start in 2016, is expected to raise nearly three-quarters of a billion dollars in revenue in its first 18 months, with the extra cash to go into a fund to protect people's savings.

Banks say such an insurance fund isn't necessary because Australia has a secure banking system, and warned they might have to pass the costs onto their customers.

Mr Bowen said ultimately that would be up to the banks.

"It could be that a bank or banks decide to absorb some of that cost and make themselves more attractive to customers," he told reporters in Canberra on Friday.

"They could make a decision to pass it on, which would then mean their customers would bear that in mind and look at their returns and they may make a decision accordingly."

Mr Bowen said he wanted banks to be strong and profitable but the big four had collectively made $94 billion in profits over the past four years.

They could make a "modest" contribution to guaranteeing deposits instead of leaving it all to the taxpayer, he said.

The Australian Bankers Association said the levy was an extra cost that wouldn't deliver Australians any more security, while the coalition accused Labor of trying to grab cash to shore up the budget.

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