Billionaire Clive Palmer will launch a High Court challenge against Labor’s new political donation caps set to take effect from 1 July.
Clive Palmer confirmed he would challenge the legislation, arguing parliament does not have the power to limit how political parties raise funds to contest elections.
Under the changes, individuals will be capped at donating $50,000 per year to a political candidate, with third-party campaigners also limited to $50,000 per candidate.
Third-party groups will still be able to spend up to $11.2m a year on political advertising and promotions.
Palmer was Australia’s largest political donor last financial year, contributing $53m to his Trumpet of Patriots party, according to Australian Electoral Commission data released this week.
Palmer said the reforms unfairly advantage Labor and the Coalition through increased public election funding, which will rise from $3.50 to $5 per vote.
He said taxpayers’ money should not be used to favour major parties at elections.
