Ditched levy not a win for big banks

Assistant Treasurer Josh Frydenberg insists a decision to ditch a levy on bank deposits is a win for consumers and seniors.

The federal government denies its decision to abandon a levy on deposits is a victory for big banks. (AAP)

The federal government denies its decision to abandon a levy on deposits is a victory for the big banks.

The levy was first proposed by Labor in government and the coalition factored $2 billion in revenue into its May budget.

"This is a victory for consumers and the Nationals Seniors group who came out strongly against it," Assistant Treasurer Josh Frydenberg told ABC radio.