The Australian banking industry pumped more than A$1.44 million into the country’s major political parties in the 12 months to the end of June 2021, with federal and state arms of the coalition receiving 51 per cent of all donations disclosed to the Australian Electoral Commission.
While most locally incorporated banks including Bendigo, Suncorp, Bank Australia and Great Southern did not disclose making any political donations during the year, the five largest banks – ANZ, Macquarie, CBA, Westpac and NAB – collectively tipped more than $850,000 into the coffers of the coalition and Labor parties.
No bank or banking industry association revealed making any donations to independent politicians or minor parties in 2021.
According to official returns published on the AEC website, ANZ remains the biggest spender on politics in the banking industry after it coughed up $244,100 to the major parties.
ANZ shelled out $123,000 to various arms of the Liberal and National parties, while $121,000 was remitted to the ALP.
Macquarie was the second largest political donor in the sector after it sent $119,439 to the coalition parties and $110,961 to Labor.
The third largest donor from the sector was the Australian operating arm of global credit card provider, Visa, which spent $162,500 on the major parties.
Visa AP Australia Pty Ltd tipped $85,000 towards the Liberal party and $77,500 to the ALP.
CBA ($161,080), Westpac ($128,546) and NAB ($110,000) each split their contributions evenly between the government and opposition parties.
There were only seven other organisations from the banking sector that disclosed political donations to the AEC.
One of the most interesting disclosures was made by the Customer Owned Banking Association, which declared providing $53,400 of support to the major parties.
COBA contributed 65 per cent of its total donations to the coalition, which was the most skewed level of financial support in favour of the government parties of all donors in the banking sector.
The Australian Finance Industry Association – a body that represents a wide brush of finance providers – went the other way.
The ALP received 58 per cent of the $69,750 donated to the major parties by the AFIA.
The Australian Banking Association was also slightly more generous to the ALP.
It remitted $48,850 to Labor’s national office and $46,505 to the Federal Liberal party.
The Financial Services Council distributed $60,000 of donations evenly between the Liberal and Labor parties.
Afterpay was the only buy now pay later provider to disclose political donations during the year.
The local BNPL pioneer, which is now owned by US payments company Block Inc, gave $37,500 to the Liberal party and $31,500 to the ALP.
Mortgage insurer Genworth told the AEC it donated $32,500 to the Liberal party and $27,500 to the ALP.