Major Parties Rake in Millions as Election Campaigns Heat Up

Australia’s political landscape is buzzing with significant financial activity as the major parties prepare for the upcoming federal election. In the last financial year, the Liberal and National parties collectively amassed a staggering $73.5 million, while the Labor Party secured $67.5 million, fueled by contributions from billionaires, large corporations, and unions. Notably, industries such as gambling, fossil fuels, and pharmaceuticals have also been generous, offering six-figure donations.

Recent financial disclosures from the Australian Electoral Commission (AEC) reveal that a considerable portion of this funding’s origin remains obscured. Current disclosure laws enable donors to remain anonymous by splitting their contributions below the threshold of $16,300, thus avoiding public scrutiny.

In response, Labor is pushing for legislative reform to close this loophole. A proposed bill aims to mandate “real-time” disclosure of donations, rather than the delayed reporting currently in place. Special Minister of State Don Farrell is reportedly eager to advance this initiative, following a previous attempt that faltered in the Senate due to disagreements over expenditure caps and transparency.

While crossbenchers support increased transparency, they expressed frustration over proposed caps that could disproportionately benefit larger parties. The Coalition, on the other hand, is apprehensive about potential privacy risks for smaller donors but remains open to expenditure constraints to mitigate the competition posed by “teal” independents.

As negotiations resume this week, Farrell may consider splitting the bill to address the differing concerns between parties.

The 2023-24 financial disclosures also indicate that minor parties and independents are preparing for the electoral fray. The Greens raised $17.1 million, and the teal financing group Climate 200 garnered approximately $6 million. Teal independents have built substantial funds, with Monique Ryan and Allegra Spender leading the charge, receiving $681,218 and $567,226, respectively. Additionally, Pauline Hanson’s One Nation reported $2 million in contributions.

As the election approaches, the financial dynamics will undoubtedly play a critical role in shaping the political landscape.