Treasurer Joe Hockey has been quick to blame Labor for a potential bank tax, saying it was the shadow treasurer Chris Bowen's idea.
However, details on measures to protect consumers' savings at a time of bank failure will be announced when the government formally responds to the recommendations of the financial system inquiry.
Mr Hockey said when Labor was in government, the then treasurer Mr Bowen proposed a bank tax on deposits on the recommendation of all regulators.
The planned five basis point fee on deposits is meant to pay for a potential bank failure and to pay for a government guarantee.
But it does mean collecting a levy before there is a bank failure rather than after.
"There are many things I don't like that I have to implement at the moment that have been a legacy from six years of bad Labor government," Mr Hockey told Network Ten on Sunday.
"This was announced by Chris Bowen, so it's Chris Bowen's tax."
Mr Hockey said the idea was put forward to the financial system inquiry, led by former banker David Murray.
He said there could be a trade off to this fee, such as banks increasing their capital and other measures.
"We are consulting on the Murray inquiry," Mr Hockey said.
"I will respond to the Murray inquiry in the next few weeks and that will provide all the detail in relation to this."
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