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While Morrison has cautioned the banks that their customers "already don't like them", telling them to "prove (the customers) wrong and pony up to help fix the budget", bankers have warned the government that it was likely that the levy will be passed onto customers.

Among other measures, defense spending is expected to be hiked while the Australian Federal Police will get more than AU$300 million (US$220 million) in extra funding to help counter growing security threats, funded by cuts to foreign aid.

Mr Morrison said the National Museum of Australia would also receive $8.9 million to establish a Cultural and Corporate Shared Services Centre.

Mr Narev said only that the banks had "a responsibility", once they had all the details of the proposed new levy, to explain its impact and explain that "it really is a tax on all Australians".

But he has accepted shareholders and superannuants may be affected as a result of the impact on the big four banks, plus Macquarie, which now face a tax on nearly 5 per cent of their net profits.

"We have to fund the NDIS", he said.

The Treasurer has introduced a new federal body called the Australian Financial Complaints Authority, which he described as a "one stop shop" for customer complaints.

The measures will raise nearly $21 billion of new tax revenue over the next four years, and help give the Turnbull government a modest surplus by 2021. "It's not a tax on mortgages", he said.

He cautioned the so-called Big Five - Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX), Australia and New Zealand Banking Group Ltd (ANZ.AX), National Australia Bank Ltd (NAB.AX) and Macquarie Group Ltd (MQG.AX) - against passing the costs on to consumers.

"The banks want to send a message to their customers about how much they value them?" "Customer deposits of less than $250,000 and additional capital requirements imposed on the banks from regulatory authorities are excluded".

"The banks are in a position to support budget fix and we're asking them to do so".

Those savings, including welfare reforms, had artificially reduced the red ink in the budget after they were blocked by opposition lawmakers in a hostile Senate where the government has a wafer-thin majority.

These are small "l" liberal policies that Mr Turnbull's supporters have been longing to see since he took over leadership of the Liberals, but they should not scare the more conservative factions in his party.

"I accept that. But they have failed miserably".

And he spoke at length about his brother-in-law, Garry Warren, who has multiple sclerosis, and his wife Michelle Warren, during the speech, as he outlined why the government had chose to raise the Medicare levy to fund the National Disability Insurance Scheme.

"It's been a fair while since most hardworking Australians have had a decent pay rise", he said.

Morrison said that would take effect in two years time, but Sales interjected saying it was "still a tax increase".

The Medicare Guarantee Fund will be more than the Government demonstrating a commitment to the health scheme.

As for the levy on banks: "We're not going to stand in the way of it".