A major Climate 200 backer has again topped the latest list of political donors, new figures reveal, as the Albanese government attempts to pass sweeping laws to curb big money in politics.
Share trader Robert Keldoulis and his investment firm Keldoulis Investments Pty Limited donated a combined $1.1m to the fundraising vehicle in 2023-24, according to figures published by the Australian Electoral Commission (AEC) on Monday.
Visy chairman and billionaire Anthony Pratt was the second biggest donor, handing $1m to Labor.
Climate and energy market-focused trader Marcus Catsaras rounded out the top three, donating just under $1m to Climate 200.
The Simon Holmes à Court-helmed fundraising group received $4.4m in donations overall in 2023-24, part of a war chest that will be used to support the campaigns of up to 30 community independents at this year’s federal election.
Labor’s branches received a total of $67.5m in receipts in the past financial year, compared to the Liberals and National’s combined $72.2m.
Both of those sums were down significantly from the 12 months prior, although that period captured the back end of an election year.
Keldoulis was also the largest individual donor to Climate 200 in the 2022-23 financial year, giving $1.85m.
The newly released figures showed wagering companies also donated tens of thousands of dollars to Labor as the government mulled reforming sports betting before ultimately shelving any legislation.
Sportsbet donated $88,000, Tabcorp $60,500 and peak body Responsible Wagering Australia gave $66,000.
Conspicuously absent from this year’s list was billionaire Clive Palmer, who has topped the list in recent years after funnelling tens of millions of dollars through his company Mineralogy into his party United Australia Party.
Palmer donated $117m ahead of the 2022 election, which delivered just one seat – Victorian Ralph Babet’s place in the upper house.
The AEC figures come as the Albanese government attempts to clinch a deal on electoral reforms which could in effect block Palmer-style campaigns.
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The changes would, from July 2026, cap individual donations at $20,000 and limit spending to $800,000 per electorate, or $90m nationally during a federal election.
The donation disclosure threshold would be lowered to $1,000, down from $16,300 in 2023-2024, giving the public a much deeper insight into who is bankrolling the nation’s politicians.
The proposed changes would not come into force until the federal election due in 2028.
However, Labor wants them passed this term to avoid the prospect of having to negotiate with a hung parliament, where the Greens and teals could torpedo changes viewed as a threat to minor parties and independents.
Anthony Albanese over the weekend indicated the government was open to splitting the legislation to get it through the Senate.
The employment minister, Murray Watt, on Monday said Labor was “really committed” to the reforms.
“I think all of us have been really dismayed in recent years to see the influence of big money in politics, whether it be here in Australia or overseas,” he said.
