A group of crossbenchers in Australia have proposed a new bill to increase political transparency. The Fair and Transparent Elections Bill would ban donations over $1.5 million and lower the disclosure threshold to $1,000. The bill also calls for more stringent rules on political advertising.
Currently, Australia has rules in place for reporting political donations at both state and federal levels. However, advocates for reform argue that the current disclosure measures are inadequate. The Federal disclosure threshold is around $15,000, which some see as too high.
The proposed changes in the new bill include capping donations at $1.5 million, lowering the disclosure threshold to $1,000, and requiring real-time disclosure of donations. The legislation also aims to ban donations from certain industries and government contractors.
Improving transparency in political donations is seen as essential for government accountability. Independent Senator David Pocock believes that knowing where money is coming from is crucial. The bill also aims to address misleading political ads, which are currently not adequately regulated.
While the bill does not include a cap on campaign spending, some believe that limiting spending during elections could reduce the influence of big money in Australian politics. If adopted, the crossbenchers have indicated their support for passing the legislation before the next election in 2025. Prime Minister Anthony Albanese has expressed commitment to improving transparency around political donations.
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