ANZ and EY tipped political donations Labor's way in 2022

George Lekakis

The Australian financial services industry sunk around A$2 million into the major political parties last year, with banks and other financial providers directing most of their cash to the coalition parties.

According to official disclosures published by the Australian Electoral Commission on Wednesday, ANZ Banking Group and accounting firm EY (formerly Ernst & Young) were the only financial services companies to allocate most of their political spending to the Australian Labor Party in the lead up to Anthony Albanese’s federal election win in May.

ANZ, which received heavy criticism in 2021 from former Treasurer Josh Frydenberg over lending policies affecting fossil fuel producers, handed the ALP $50,000 in 2022 compared to only $40,000 for the Liberal Party.

EY was among the leading corporate backers of the ALP in the 12 months to the end of June last year, pouring $99,046 into the party’s coffers, while directing only slightly more than $31,000 to the NSW division of the Liberal Party.

EY made no donations to the Liberal Party’s federal arm.

National Australia Bank and Commonwealth Bank channelled most of their political expenditure to the coalition parties.

NAB coughed up $153,500 to major parties last year of which $60,000 went to the federal office of the Liberal Party and $33,000 to the Nationals. 

The coalition parties were handed more than $94,000 from CBA, which equated to 54 per cent of the bank’s total political spending.

Westpac had the fattest political budget in the banking sector, according to the official disclosures.

The bank spent $231,987, which was split almost evenly between Labor and the conservative parties.

Westpac made a total of 45 separate donations to the parties, including several high value transactions – $33,000 in September 2021 to the federal office of the ALP and $30,000 in February 2022 to national arm of the Liberal Party.

These transactions appear to be direct cash donations, a practice that does not comply with Westpac’s policy on political spending.

Westpac claimed in its 2022 annual report that it makes no direct cash donations to political parties, but only pays fees to political parties for attending annual conferences and policy dialogue forums.

Macquarie Group was the second biggest spender on politics in the banking sector last year. 

It shelled out total donations of $222,764.

Macquarie distributed 53 per cent of its donations to the coalition and the balance to state and federal arms of the Labor party.

Despite the plethora of critical policy issues yet to be settled in the payments industry there were surprisingly few donations flowing to political parties from this market segment.

However, two key industry players – Visa and Afterpay – parked most their political cash with the coalition.

Visa handed $82,500 to the coalition parties, which equated to 60 per cent of its total political spending.

Afterpay doled out $16,000 to the coalition and $8700 to Labor.

Along with EY other big accounting firms figured prominently in the political process last year.

Deloitte appeared to have much riding on the re-election of the Morrison Government, after splurging around $163,000 on the coalition parties.

Donations to the coalition accounted for 67 per cent of the $240,432 spent by Deloitte on the major parties. 

KPMG’s total spend was slightly higher at $242,455, but it spread its donations roughly equally between the major parties.

Only a few finance industry bodies plied the parties with cash in 2022 after no disclosures were received from the Australian Banking Association and Industry Super Australia.  

The Customer Owned Banking Association shared $51,650 roughly equally between the major parties.

The Financial Services Council also doled out $95,500 in equal shares.

In the insurance sector IAG (total donations- $99,910) and Allianz ($82,200) tipped their giving in favour of the coalition, while Suncorp ($55,521) shared its donations evenly.