Banks, insurers and fund managers are among financial services firms that provided donations to the Australian Labor Party and Liberal Party of Australia during the last fiscal year.
Macquarie Group donated $69,000 to Labor, which according to data released by the Australian Electoral Commission (AEC) yesterday was the largest contribution of any financial services firm to the party.
Other Labor donors included ANZ ($50,000), Goldman Sachs JBWere ($38,200), Westpac ($35,500), Deutsche Bank ($35,000) and Allianz Australia ($27,500).
Labor also received $14,785 in donations from the Australian Private Equity & Venture Capital Association, $5000 from UBS and $2200 from Australian Unity.
Many companies that donated money to Labor also contributed to the Liberals, the AEC data showed.
ANZ’s $50,000 donation to the Liberal Party was the most from any financial services firm.
Other companies that also contributed to the party included Macquarie Group ($46,750), Goldman Sachs JBWere ($25,500), Westpac ($16,500), Deutsche Bank ($11,000) and Australian Unity ($10,500).
Despite their support, the AEC data showed that contributions from many financial services firms were either slashed significantly or cut altogether over the period when compared to fiscal 2007/08.
National Australia Bank donated $314,000 collectively to both parties in 2007/08, compared to nothing in the most recent fiscal year.
Goldman Sachs JBWere and Deutsche Bank made collective donations of $159,000 and $94,500 to Labor and the Liberals during 2007/08.
