Treasurer Scott Morrison has delivered a blunt message to Australia's big five banks - the levy is happening.
Mr Morrison has brushed off claims the levy has been miscalculated, with the Australian Financial Review reporting on Friday at least one bank doubts the tax will raise $1.5 billion a year after examining the draft legislation.
"The banks come up with a new thing every day as to why we shouldn't go ahead with this tax," Mr Morrison told reporters in Brisbane.
"Guess what? The bank levy is coming in.
"They can kick up as much dust as they like - we're not going to get involved in all their delaying tactics and them trying to spook Australians."
Legislation would be introduced into parliament during the next sitting fortnight, he said.
Finance Minister Mathias Cormann has dismissed the reports as incorrect.
"We stand by the estimates that are published in the budget papers," he told Sky News.
Mr Morrison insists the banks can absorb the new tax, which is set to raise $6.2 billion over four years.
He poured cold water on suggestions the tax be extended to foreign banks, arguing they played a vital role in maintaining competition in the sector - but stopped short of ruling it out.
"One of the reasons it needs to be more competitive is the banks think they can just pass on costs to consumers every other day," he said.
He urged the big five to prove they weren't the "big bad" banks Australians thought they were, repeating his call for them to pledge not to pass the levy on to consumers.
"They know they can absorb it - who's going to be the first to actually give Australians a fair go?"
Senator Cormann dismissed concerns the levy would disadvantage the big banks.
He said none of the foreign banks operating in Australia fell into the "major bank" category.
"All of the (foreign) banks that are operating under the Australian licence in Australia are actually smaller banks competing with the major banks and helping through competitive tension to improve service and pricing arrangements for customers."
