Assistant Treasurer Josh Frydenberg says the government is yet to decide whether to impose a tax on banks to protect deposits.
The tax would help fund a guarantee protecting deposits should a bank go under.
It was first proposed by shadow treasurer Chris Bowen when Labor was in power after being recommended by Australia's financial regulators.
It was rejected by the coalition government's own financial system inquiry headed by former banker David Murray, which instead recommended banks raise their capital requirement.
"We are working through the recommendations of David Murray's inquiry," Mr Frydenberg told Sky News on Sunday.
"We actually haven't made a decision on this banks' deposit issue."
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