The revenue raised by the major bank levy is a minor disappointment for the Treasury and a major headache for the industry.Is the result due to machinations to minimise the tax payable, or is it a measure of the malaise in Australian banking?It is the liability side of the balance sheet that matters and at A$1560 million in tax paid the industry failed to supply Scott Morrison's government with 2.5 per cent of what was budgeted from the bank tax, now in its second year.Expect the rate on the major bank levy to rise. Six basis points is nothing and don't be surprised when Treasury push again for a fair insurance levy across all deposits, on all ADIs.