Labor is eyeing a sweeping series of election funding reforms that could see taxpayers shoulder the majority of campaign costs but remove the influence of big donors from Australian politics.

One model being considered by senior officials is a $4000 cap on donations - a major shift which would lock out large corporate and union contributions - as well as distributing public funding for political parties based on the number of seats won rather than the number of votes received.

Opposition Leader Bill Shorten has already vowed to lower the donations disclosure threshold should he win the election. Credit:Dan Peled

That switch could advantage Labor and the Liberal Party while setting back the Greens, One Nation and independents who rarely win a place in Parliament despite attracting a sizeable number of votes.

The Liberal Party reported 194 donations above $4000 during the 2016 election, with a $500,000 contribution from Kerry Packer's widow Roslyn one of the largest. Labor disclosed 177 donations ranging from $4000 up to the $150,000 gifted by the ANZ bank - the same amount it gave to the Liberals.