Australia Markets close in 4 hrs 23 mins

Clive Palmer’s United Australia Party loses out in election funding

Clive Palmer's United Australia Party banner. Source: Getty

Clive Palmer’s United Australia Party broke the all-time record for political spending in Australia, with the party spending over $50 million on its federal election campaign.

Palmer smashed the previous record, set during the 2004 federal election by Labor and Liberal, when they each spent an estimated $20 million (which is worth $28 million now).

But, while he spent the most on his campaign, the ABC reported Palmer’s break-out political party failed to attract voters, which means it will recoup only a fraction in public election funding.

Election funding laws say parties and candidates that receive more than 4 per cent of votes in the House of Representatives or Senate race are eligible for funding, and UAP failed to meet the criteria in every Senate race except the Northern Territory.

Based on current counting, ABC estimates UAP looks like to secure around $640,000.

It’s set to fall less than one percentage point short in Queensland, which could have seen Palmer cash in over $300,000 more in public funding.

The major political parties will receive the bulk of the funding, with the Coalition banking $33 million and the Australian Labor Party $27 million.

Surprisingly, Pauline Hanson’s One Nation party could be eligible for close to $3 million in funding, and the Greens could reap around $9 million, which is a quarter more than last campaign.

Despite losing, Kerryn Phelps will be eligible for around $90,000, and Rob Oakeshott, $80,000, the ABC reports.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.