Clive Palmer talks electoral funding with minister Don Farrell in Canberra

Clive Palmer met Special Minister of State Don Farrell on Wednesday to discuss the electoral laws the billionaire businessman has vowed to challenge in the High Court.

The legislation, which could pass the Senate on Thursday, cracks down on the role of big money in election campaigns.

It limits individual donors to $20,000 per candidate and caps campaign spending at $800,000 a seat or $90 million nationally.

Mr Palmer’s company Mineralogy poured more than $120 million into his United Australia Party’s 2022 campaign, which resulted in the election of Victorian senator Ralph Babet.

He pledged to challenge the laws even before they were put to Parliament.

The crackdown would also end the multimillion-dollar spending in individual seats like those the teal independents won from Liberals at the last election.

It comes with greater transparency over donations and increased public funding.

Many of the crossbenchers have blasted the laws as a “stitch-up” between the major parties, saying the new system would effectively block new independent challengers.

Mr Palmer was spotted in Parliament House on Wednesday and a government source confirmed he discussed the new funding regime with Senator Farrell.

The minister has also met this week with Climate 200 founder Simon Holmes a Court and has had multiple discussions with Opposition Leader Peter Dutton amid a steady stream of visitors over the past week.

Senator Farrell has also previously spoken to both Mr Palmer and Mr Holmes a Court on the planned changes to electoral funding.

Mr Holmes a Court said the minister’s office had asked Climate200 for feedback after the bill was put to Parliament.

“I appreciated the brief opportunity to explain several issues we’ve identified in the limited time available that gives parties and incumbents unfair advantage over outsiders,” he said.

The mammoth bill for the overhaul was rushed through the lower house in three days last week but is yet to be debated in the Senate which has a packed agenda for the final sitting of the year.

However, the Government is understood to be very close to a deal with the Coalition and anticipates debating and passing the legislation on Thursday.

It still has other avenues to pass the new electoral funding system if the Liberals unexpectedly walk away.

The new system would not come into effect until mid-2026, well after the next Federal election.