Lynton Crosby, the Australian strategist responsible for conservative political victories in Canberra and London, is tipped to receive a knighthood from the Queen in the New Year's Honour List

Mr Crosby, who is nicknamed the Wizard of Oz, has been credited with masterminding British Prime Minister David Cameron's re-election in May, which was won with a surprising majority.

British newspapers have reported that the knighthood is Mr Cameron's reward for Mr Crosby.

Fraser Nelson, the editor of Spectator magazine, said that Mr Lynton's reputation is now so large that he is not just the go-to man in Australia and Britain, his election advice is now in demand globally.

"If you've got a problem and nobody else can help, and if you can afford him, you can hire Lynton Crosby," he said.

Mr Nelson said that the system in Britain has always relied on the Prime Minister being able to reward someone for their "spectacular" political service.

"And that's exactly what Lynton Crosby provided this year," he said.

Mr Crosby, from South Australia, built his reputation in Canberra, playing a key role in John Howard's four election victories.

He also had success with campaign of London Mayor Boris Johnson.

Knighthoods 'becoming a political reward'

The reported pending knighthood has outraged political opponents and others who say it smacks of cronyism and demeans the honours system.

Jonathan Arnott, member of the European Parliament for the UK Independence Party (UKIP), said the use of knighthoods as a reward needs to stop.

"Lynton Crosby is one of the worst examples of this kind of excess," he said.

The "Wizard of Oz" has been credited with masterminding British Prime Minister David Cameron's re-election in May ( Luke MacGregor: Reuters )

"Knighthoods should be given to those who deserve them."

Alexandra Runswick from the reform lobby group Unlock Democracy was also unimpressed with the reports.

She said the fact that Mr Crosby is so entangled in the world of political lobbying is a major reason for why she does not think Mr Crosby is deserving of a knighthood.

"He has already been involved in lobbying for big tobacco while he was the Conservative's election strategist and using his access to the Conservative party to lobby conservative ministers," she said.

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"So for me this is something that both devalues the honour system and of course undermines trust and the political system, because it's yet again David Cameron using his powers of patronage to reward his political cronies."

There have been celebrities and pop stars in the past who have received honours and knighthoods, but Ms Runswick said that when those types of people are given them, it is normally for charity work they have done.

"The issue with Lynton Crosby is he's been given a knighthood for working for the Conservative Party," she said.

"He was doing his job and he obviously did it very well, but he was renumerated well for that. How is that adding to public life?

"It's adding life to the Conservative Party, it's obviously benefiting them and benefiting David Cameron, but I think it's hard to argue that he is contributing to public life."

Mr Nelson said that he does not think Mr Crosby would care much about receiving a knighthood.

"To be honest I think Lynton Crosby's hourly rate is so high now that a knighthood wouldn't make much difference to it.

"I'd be amazed if he goes about calling himself Sir Lynton."