The plan is based on a similar scheme operating in France.
Companies selling junk food or alcohol would have to choose between including health information in their advertising or paying a levy of 1.5 per cent.
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"Australia should not allow junk food and alcohol companies to make billions at the expense of the health and well-being of Australians," Greens leader Bob Brown said on Wednesday.
The alcohol industry spent more than $100 million on advertising each year while fast food companies were among the top 50 advertisers in the nation, spending about $165 million, he said.
"At the same time the costs to individuals and the community as a result of consumption, in terms of health effects, social costs and lost productivity, of these products are enormous."
Alcohol use in Australia cost $15.3 billion while obesity costs were estimated to be $58.2 billion, the Greens said.
Revenue from the levy - about $4 million - would be used for a fund to provide health information to consumers through social marketing campaigns.
