The big banks continue to post massive profits, highlighted by NAB’s recent $9.7 billion figure.

Click PLAY to hear about the proposal.

Economist Richard Denniss told Perth Live host Oliver Peterson that because the Big Four control over three-quarters of the banking market, increasing their super-profits tax is necessary.

He contends this will drive customers to smaller banks, making the overall system safer and more competitive.

“We think the government should triple that and aim to collect at least $5 billion a year from this super-profits tax,” he said.

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