The European Union will push for the adoption of a financial transaction tax at a summit of the world's 20 biggest economies, the G20, in November, European Commission President Jose Manuel Barroso said on Wednesday.

G20 leaders are to meet in the southern French resort of Cannes in early November.

"Ahead of the Cannes summit, we will come out with a proposal for a European financial transaction tax and we are commited to explore this further also at the G20 level," Barroso said in a televised address.

He said he would discuss the issue with Australia during his visit there.