Labour leader Shawton will announce plans to impose a special tax of 640 million Australian dollars on big banks and financial institutions. Special taxes are used to support victims who are exploited by the financial industry. The Federal Opposition believes this is the best way to respond to the Royal Commission investigation. The special tax will raise 160 million yuan each year for the next four years, targeting the top 100 financial institutions in ASX. This will include major banks such as the Commonwealth Bank and National Bank, as well as relatively small institutions such as Bendigo Bank, Adelaide Bank, Suncorp, Macquarie and AMP. Of the 640 million, 320 million will be used to double the number of financial advisors who have financial support and help in financial difficulties from 500 to 1,000. The largest banks in Australia have been hit by the bank tax announced by former Prime Minister Turnbull.