Australian bank share prices will be under scrutiny today after the federal government unveiled a surprise A$6.2 billion ($6.6b) levy on Australia's biggest financial institutions in a move that sparked fury in the industry.

Australian Treasurer Scott Morrison introduced the levy on Australia's five biggest banks - Westpac, ANZ, Commonwealth, National Australia Bank and Macquarie Group - in yesterday's budget, saying it was a "fair contribution" that would help competition and budget repair.

Speculation about a new impost on the big banks sparked a rout in banking stocks on the ASX on Tuesday, wiping a collective A$14b from their market value.

Shares for the big four banks fell by between 2.1 and 3.6 per cent.

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Australian Bankers' Association chief executive Anna Bligh slammed the new measures, which she said were introduced without consulting the industry.

"This new tax is not a well thought out policy response to a public interest issue, it is a political tax grab to cover a budget black hole," Ms Bligh said.

Under the new measures, banks with liabilities of more than A$100b will be slugged 0.06 per cent on those liabilities each year from July 1.

- AAP