Financial services companies scale back political donations
Financial services companies scaled back political donations last fiscal year, according to the latest data from the Australian Electoral Commission.
National Australia Bank was one omission from the donors list for 2008-09, having donated hundreds of thousands of dollars to the two main political parties the previous year. Citigroup was another notable omission from the donor’s list last year, after donating $88,000 to the Australian Labor Party (ALP) and $35,000 to the Liberal party in 2007-08.
Macquarie Group’s donations to political parties remained relatively steady, with the group donating more than $173,000 last fiscal year compared to more than $177,000 in 2007-08.
Macquarie Group’s spending pattern did change, however, with the group donating more than $92,000 to the ALP compared to more than $81,000 for the Liberal party. In 2007-08 Macquarie Group donated close to $106,000 to the Liberal party and close to $72,000 to the ALP.
Last fiscal year the Commonwealth Bank of Australia (CBA) paid $10,500 in donations to the ALP, compared to more than $14,000 to the Liberal Party — a total of than $24,500. The previous year CBA donated more than $27,000 in total, spending $22,550 on the ALP and $4,550 on Liberal party donations.
ANZ maintained its equal $50,000 donations to both main political parties, while Westpac donated close to $32,000 to the ALP and more than $36,000 to the Liberal Party. That compares to close to $36,000 to the ALP and $21,000 to the Liberal party in 2007-08.
Suncorp Metway favoured the ALP in 2008-09, with a close to $15,000 donation compared to $875 to the Liberal Party.
Funds management group Australian Unity favoured the Liberal Party in 2008-09, donating $15,150 compared to the ALP’s $4,347. The previous year the group donated more than $35,000 to the ALP and more than $25,000 to the Liberal party.
ABN Amro Australia donated $63,620 to the ALP and $20,650 to the Liberal Party.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
