Senator the Hon Don Farrell

The Albanese Labor Government is tackling the influence of big money across our democracy with once-in-a-generation reforms, which will protect our electoral system into the future.

These significant and progressive reforms come after years of committee inquiries, reports, consultation, and drafting. In its recent inquiry, the Joint Standing Committee on Electoral Matters recommended lowering the disclosure threshold, real-time reporting, capping donations, and limiting campaign spending.

The key changes achieved under these reforms include:

• Substantially improving transparency, including public reporting of political donations within days rather than months, and slashing the threshold of what is disclosed from almost $17,000 to $5,000.
• Capping political donations, by limiting the amount anyone can receive from one source to $50,000 per annum. It is currently unlimited.
• Limiting campaign spending, including our own, using reasonable and equal limits at every level.
• Restricting big donors, with a set ceiling on the amount any one individual can donate.
• New definitions, protecting those genuinely involved in our democracy, and capturing those currently free from scrutiny.
• Better regulation, capturing everyone involved in political campaigning with dedicated accounts, including being available for audit.
• Stricter penalties, for those who seek to avoid or break the law.
• Stronger powers for the Australian Electoral Commission, to audit, investigate, and apply these penalties.

The legislation to enact these reforms passed the Senate tonight, and will go to the House of Representatives for final approval tomorrow. The measures will take effect at the election after next.

The Government engaged in extensive consultation to achieve this outcome, including with the major and minor parties, crossbench members, not-for-profit groups, integrity organisations, third parties, and peak bodies.

The Government will continue to work with every parliamentarian, party, organisation, and agency as we seek to implement these reforms.

These reforms mark the most substantial improvement to our electoral system since Bob Hawke introduced public disclosure over 40 years ago.

We thank all those who engaged and contributed to strengthening Australia’s democracy.