Australia's big four banks plus Macquarie will be hit with a new state-based version of the major bank levy which will reap $370 million over the next four years for the South Australia Government as it ramps up spending on infrastructure in a struggling economy.

South Australian Treasurer Tom Koutsantonis said the banks were fair game for the states as well as the federal government. He has imposed a new South Australian major bank levy equal to the state's share of liabilities which are subject to the federal major bank levy.