Mining magnate Clive Palmer targeted in major overhaul of political donation rules
Sweeping electoral reforms that cap donation and campaign spending will be introduced to Federal Parliament in “coming weeks” as Labor attempts to stop billionaires like Clive Palmer making elections “their playground”.
Special Minister of State Don Farrell used a speech on Tuesday to reveal more details about his long-awaited plan to combat the rise of big money in politics.
The changes – if passed – won’t commence in time for the upcoming Federal Election.
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By continuing you agree to our Terms and Privacy Policy.Senator Farrell confirmed the laws would cap the amount candidates and parties could receive from single donors each year, kneecapping the influence of wealthy individuals like Mr Palmer.
Mr Palmer funnelled $117 million through mining company Mineralogy into his United Australia Party in the year of the 2022 election.
“It has become obvious that billionaires are getting a taste for politics – and seeking to make our elections their playground,” Senator Farrell said the speech to progressive thinktank The McKell Institute.
“Limiting the amount that can be received from any individual donor will stop the billionaires that seek to influence our elections – while not preventing genuine political involvement, or the established right of political communication.”
A cap on campaign spending – understood to be roughly $1 million per seat – will also be introduced, spelling the end of the type of seven-figure contests such as those fought between teal independents and Liberal MPs at the 2022 election.
All donations above $1000 would need to be disclosed within “days, not months” under Senator Farrell’s proposal.
That is a significant change from the existing system which allows donations under the $16,900 threshold to remain hidden.
Senator Farrell said Mr Palmer’s intention to challenge the reforms in the High Court was a sign he was “on the right track”.
“After all – a man who sues his own country, should not be able to also decide its government,” he said, referencing Mr Palmer’s $300 billion lawsuit against Australia.
The proposal will set off a political fight across the Parliament.
While teal MPs including Kate Chaney support donation reform, there is concern some measures – including the spending caps – will disadvantage non-major party candidates.
