Tension between the Turnbull Government and the country's biggest banks is escalating as the industry reacts to a new levy in the Budget.
It's one of the biggest revenue-raising measures in the Budget: a new levy on the country's five largest banks that will bring in more than $6 billion over four years.
The federal Treasurer said he expected industry resistance, and the pressure has been mounting.
Representatives from the five affected banks have met Treasury officials to discuss the new levy, wanting to know how the government's estimates were calculated.
But the head of the banking industry group says they emerged with more questions than answers.
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