In the (unlikely) event of a minority or Labor/Green coalition government following the November Victorian state election, the big four banks may need to budget for a state-based levy on liabilities.  

The Greens propose a levy of one and a half basis points quarterly, modelled on the equivalent tax imposed by the federal government a few years ago. It would apply to “Victoria’s share of bank liabilities”.

The proposed levy rate is the same as applies under the Major Bank Levy, legislated by Malcolm Turnbull’s government in 2017.

Costing by the Parliamentary Budget Office shows any Victorian bank levy would raise around A$1.4 billion dollars over the next four years, the Greens said.

Other than targeting the major banks, there was no mention of thresholds, nor exclusions, such as deposits covered by the Financial Claims Scheme. This is a feature of the federal levy.  Perhaps this exclusion can be assumed.

The long-abolished state-based FID and BAD taxes on banks were dumped around 2000, in part because of a long history of tax avoidance.