Labor’s union funds to plunge 70pc
Labor’s funding from unions and affiliate groups in the next federal election is forecast to be about 70 per cent lower than at the 2019 poll.
Labor’s funding from unions and affiliate groups in the next federal election is forecast to be about 70 per cent lower than at the 2019 poll as party figures push to make up the shortfall through individual donations.
As revealed by The Australian on Tuesday, Labor has budgeted for $1.7m in donations from unions and state branches ahead of the next election.
This is down from $5.5m of donations from unions, state branches and other affiliated groups in the two financial years before the 2019 poll then leader Bill Shorten surprisingly lost.
Union donations ahead of the last poll included more than $1m from the CFMEU, more than $1.3m from the Electrical Trades Union, more than $1m from the Shop, Distributive and Allied Employees Association and more than $950,000 from United Voice, which is now known as the United Workers Union.
Anthony Albanese has been willing to take on the unions in key issues since becoming leader, including forcing controversial Victorian CFMEU construction boss John Setka out of the party. The Opposition Leader also supported free trade deals with Indonesia, Hong Kong and Peru despite strong union opposition.
Some Labor figures are concerned the stance taken against unions in some areas will impact the financial support the party’s industrial wing offers.
A Labor source played down the lower funding expectations from unions compared to the last term of parliament.
The source said the party budgeted for far lower levels of funding than eventually came from unions ahead of the 2019 poll, and declared the same could happen this parliamentary term.
Projections for union money is dwarfed by expectations that Labor will raise $7.9m from business over three years. This includes $3.3m from business in 2019-20, $2m in 2020-21 and $2.67m in 2021-22.
The Australian revealed Labor has forecast it will nearly double its debt from $1.28m — posted in 2019-20 — to $2.79m this financial year, according to the party’s tightly held financial projections.
Labor has forecast it will earn a total income of $35m in the 2021-22 financial year — nearly $15m less than it did in 2018-19.
Labor figures say the impact on revenues was driven by the COVID-19 pandemic and public belief Scott Morrison was the frontrunner to win the election.
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