Forget donations. This is where the major parties make millions (3 Feb 2025)
Article summary: The latest disclosures from the Australian Electoral Commission (AEC) reveal that both the federal Labor and Liberal parties received significant financial contributions in 2023-24, with donations totalling approximately $1.3 million and $1.2 million, respectively. However, these direct donations were dwarfed by revenue generated from exclusive pay-for-access programs that provide executives and lobbyists with opportunities to engage with senior politicians, including the Prime Minister and Opposition Leader.
Labor’s Federal Business Forum and the Liberals’ Australian Business Forum operate on a tiered subscription basis, with top-tier memberships costing between $110,000 and $121,000, while single-event access, such as boardroom lunches, can cost up to $15,000 per ticket. These payments, while lucrative, are not classified as donations under electoral law and therefore are not itemised separately in AEC reports.
Critics, including senior counsel Geoffrey Watson, argue that these forums create an uneven political playing field, granting major party donors privileged and continuous access to key decision-makers while excluding independents and minor parties from similar funding opportunities.
The AEC disclosures indicate that Labor recorded over 70 payments likely linked to its business forum, while the Liberals registered over 50, with additional one-off purchases further boosting party coffers. Among Labor’s top-tier business forum subscribers were The Pharmacy Guild of Australia and the National Automotive Leasing and Salary Packaging Association, each contributing over $120,000.
Beyond subscription-based access, traditional political donations also played a crucial role in party financing. Billionaire Anthony Pratt, through Pratt Holdings, was Labor’s largest individual donor, contributing $1 million—the largest single donation to either major party during the period.
For the Liberal Party, the most significant contribution came from Harry Triguboff’s Meriton Properties, which donated $590,000 across federal and state branches. Mining magnate Gina Rinehart’s Hancock Prospecting was the second-largest donor to the Liberals, providing $500,000, while prominent stockbroker Angus Aitken contributed $230,000 to the party and $50,000 to Pauline Hanson’s One Nation.
On the progressive side of politics, Climate 200, the fundraising organisation backing independent "teal" candidates, received major contributions from energy market traders Marcus Catsaras and Rob Keldoulis, each donating approximately $1 million. The biggest donor to the Greens was Gold Coast gambler and mathematician Duncan Turpie, who provided $575,000 across various branches. Meanwhile, Climate 200 distributed funds to multiple independent MPs, including $144,000 to Zoe Daniel, $122,000 to Monique Ryan, and smaller amounts to Kate Chaney, Sophie Scamps, Zali Steggall, and Allegra Spender.
Unions remained a significant source of funding for Labor, contributing over $6 million across federal and state branches. The United Workers Union and the Shop, Distributive and Allied Employees’ Association were among the largest contributors, donating over $1 million and nearly $700,000, respectively. The controversial CFMEU donated $50,000 to federal Labor before being placed under administration.
The political funding revelations coincide with the Albanese government’s push to introduce new laws aimed at capping donations, implementing real-time disclosures, and restricting campaign spending. These reforms, partly motivated by Clive Palmer’s $100 million-plus campaign expenditure in the last federal election, have faced delays but may see renewed negotiations as parliament resumes. With a federal election due by May 17, campaign financing and political influence will likely remain key points of debate.
