Drosera banksii is an annual species native to tropical Australia, and Papua New Guinea.

The species is variable in size, with a fleshy erect stem that reaches from 2-30 cm high, although most specimens are under 10 cm in height. Arching petioles emerge from an erect stem, each terminating in a reniform lamina. The entire inflorescence is covered in long, silver hairs. The flowers are white and five-petalled, with hairy sepals. The plants are usually coloured a tawny orange, blushing brick red when stressed.

D. banksii grows in monsoonal areas of Northern Australia. The species germinates during the wet season and comes to bloom with the onset of the dry season as its habitat begins to dessicate. The species is strictly annual. The plants can be found in a range of seasonally wet niches, including grassy soaks, gravel beds near creeks and wet compacted trails.

Phylogenetic studies places the species within the section Lasiocephala (the petiolaris complex) but differs to other species by its annual nature and erect morphology. D. banksii can be confused with D. subtilis, another annual petiolaris sundew with a similar shape. D. banksii is distinguished by its inflorescence, which is covered with hairs (D. subtilis is fully glabrous).