A Labor 'tax on market cap'

Banking Day staff Financial institutions / Big five & fintech
Labor leader Bill Shorten
Labor leader Bill Shorten

Financiers in the ASX100 will be the target of a new new tax proposed by the opposition Labor Party, The Australian and The New Daily report.

Styled as a "Financial Rights Fund" the money will, in part, pay for a doubling of the number of financial counsellors.

Smaller banks previously untouched by the current banking levy on liabilities will pay the new tax, which is designed to raise around A$160 million a year for four years.

This will include Suncorp Group, Bank of Queensland, and the Bendigo and Adelaide banks.