Labor has flagged raising an extra $2.5 billion by forcing the wealthiest Australians to pay a minimum rate of tax.

The so called ‘Buffet tax’ gained support at Friday’s national ALP conference in Melbourne, although members stopped short of making it firm policy.

• Shorten to Abbott: ‘bring on climate fight’.
• Turnbull defends Hockey’s expenses.
• Former speakers have their say on Bishop. 

Research by the National Centre for Social and Economic Modelling has found the changes could potentially raise an extra $2.5 billion from the country’s top one per cent of earners.

The ‘Buffet tax’, also know as the ‘Buffet rule’, takes its name from American billionaire Warren Buffet, who has stated that he considers it unfair that wealthy people like him pay proportionally less tax than those on middle incomes.

According to media reports, the model considered by Labor could see those earning over $300,000 charged a 35 per cent minimum income tax.

Labor front bencher Anthony Albanese voiced support for the tax change, saying ordinary Australians were doing the heavy lifting in the tax system.

“They know that the nurses, the teachers, the miners, the construction workers, they shouldn’t be paying all the tax while the millionaires are simply able to minimise theirs,” Mr Albanese said.

– with AAP