Costello criticises banker pay packets

Former treasurer Peter Costello is expected to hit out at the large pay packets of senior bankers, warning Australian customers are feeling "unloved".

Mr Costello will also argue the federal government's controversial bank levy is unjustified in a speech to a Sydney conference on Wednesday, but his key target will be the banks.

"Who benefits from this tightly regulated enterprise? Well, the government does, the shareholders of course, and the senior executives employed on handsome salaries to keep their operation ticking over," he will say, according to a report in The Australian.