Taxpayers will fork out more than $50 million to cover the election campaign costs of candidates and incumbent members, including hefty bills for the accommodation, travel and meals of senior politicians and their entourages.

Despite a parliamentary inquiry into the legitimacy of the scheme, candidates with more than 4 per cent of the ballot will continue to receive $2.31 for each vote counted, which is paid retrospectively.

After the 2007 election, the payout to candidates - successful and not - cost taxpayers $49 million.

With 1198 candidates standing across the 150 electorates, the Electoral Commission estimates an equal or greater figure will be paid this time.

The total cost of the election to the taxpayer is slated to exceed the 2007's record of $163 million.