The upcoming Victorian election could be the last without caps on campaign spending, with the state integrity agency calling for an overhaul of donation and lobbying laws.
Six weeks out from election day, the Independent Broad-based Anti-corruption Commission has warned of a lack of transparency and accountability on donations and lobbying.
IBAC Commissioner Robert Redlich flagged gaps in the state's donation regulations, with investigations in other states highlighting weaknesses in Victoria's framework.
"These are matters which can erode public trust in the people and institutions that are relied on to make decisions in the public interest," he wrote in the special report, tabled in state parliament on Wednesday.
Victoria is one of three Australian states without a cap on electoral campaign spending at the state government level, although moved to limit donations from people to $4320 across a single term after the 2018 state election.
Four years on, IBAC wants a cap on campaign expenditure at the state and local government levels to be explored, along with the amount that can be charged to enter a political fundraiser.
The watchdog does not detail how a cap should operate, instead asking the Department of Premier and Cabinet and Department for Jobs, Precincts and Regions to work on identifying a "best practice model".
The Victorian government should also review legislative reforms to make it mandatory for parties to publish information about fundraising events, including disclosing total money raised and ministers or MPs promoted as attending, IBAC said.
In response, the Andrews government committed to adding the updated donation law recommendations to the terms of reference for an independent expert panel review on the 2018 electoral reforms.
The review will take place after the November 26 election and will specifically consider and make recommendations on whether to include a cap on political expenditure as part of the Electoral Act.
IBAC's lobbying reform recommendations were supported in principle, with Labor vowing to work on their implementation in the next term if re-elected.
It comes as mining magnate Clive Palmer announced former Liberal MP Geoff Shaw would lead his United Australia Party at the upcoming poll.
The Queensland-based businessman was in Melbourne to launch the UAP's campaign after the party was officially registered by the state electoral commission.
Mr Shaw served as the member for Frankston from 2010 to 2014 and was suspended by the parliament after repeatedly threatening to bring down the Napthine government.
The UAP plans to run two candidates for all eight upper house seats, with Mr Walsh first on the party's ticket for the district of Northern Victoria.
On the back of Ralph Babet picking up the final Victorian Senate spot in May, Mr Palmer is confident the UAP can pick up a number of seats.
