The shake-up will have far-reaching consequences for all political parties, upending the way they raise, spend and disclose campaign funds.
The major parties are on the cusp of a critical deal to overhaul Australia’s election system and strip big money from politics, with a plan to ward off US-style elections dominated by billionaire backers gaining in-principle agreement from Labor and the Coalition.
The major parties reached in-principle agreement on the shake-up in recent weeks, according to several senior sources in both major parties who spoke anonymously to discuss the confidential talks. The sources stressed that details, including Coalition concerns, were still being discussed and the fate of the deal was not absolutely guaranteed.
“We understand have a mandate so it’s better to try and work with them and get the best outcome we can,” one Liberal said.
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