The chance of the government threatening to pull the guarantee on the banks is absolutely zero. The bump up in interest rates from the banks passing on a bit of a small levy would be a drop in the ocean compared to the universal raises from banks losing implicit guarantee.
Ultimately I don't think Morrison or Turnbull cares. They know banks are on the nose and needed something to throw back at the ALP. They know property is insane so slight pumps in rates may not even be that bad for putting the brakes on it.
Plus it is only levied on the big boys, so hard to call it an industry wide assault ala the mining tax.
