Veteran Labor figure Brendan O'Connor will caution his colleagues against scrapping key policies it took to the election, reminding them there was "just a kick" in the May 18 result and a win is "within striking distance".

A member of the frontbench under four Labor leaders, Mr O'Connor says it would be "foolish" to cave in to the demands of their opponents and wipe the slate clean.

Veteran Labor frontbencher Brendan O'Connor says the next election is "within striking distance" for the party, warning against dumping its entire 2019 election agenda. Credit:Alex Ellinghausen

In a speech to the John Curtin Research Centre in Melbourne on Wednesday night, the Victorian MP will say it would be "a mistake" to jettison almost everything Labor took to the voters after six years of "disciplined" and "united" opposition.

He will also rail against the financial advantage of some election candidates such as billionaire mining magnate Clive Palmer, noting there have been calls for caps on political donations and election spending, which are already in place in Canada, Britain and New Zealand.