At the ALP national conference last weekend, the party agreed that a future Labor government should consider adopting a version of the so-called "Buffett Tax" named after by US billionaire Warren Buffett and impose a minimum tax rate of 35 cents the dollar for anybody earning over $300,000.

The Australian Buffett rule is based on a paper written by The Australia Institute, which estimates that 31,500 households would be forced to pay an average of $79,053 more tax a year. According to the Australian Tax Office, 55 individuals who had a total income of $1 million or more but who, after deductions, paid nothing in income tax in 2012-13.

Treasurer Joe Hockey has said he'll consider Labor's "Buffett rule" proposal. On Monday, he told ABC radio that fifty per cent of all income tax in Australia is paid by 10 per cent of the working population.

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