A political party formed by members of Australian band the Basics – Kris Schroeder, Wally De Backer (better known as solo artist Gotye) and Tim Heath – has been given party status by the Victorian Electoral Commission.

The Basics Rock’n’Roll party – named after the trio’s band– will put forward Schroeder and Heath as upper house candidates for the northern metropolitan region for the state election on 29 November.

The announcement follows the party’s formation in September, since when it has successfully gathered the 500 members required for registration.

Schroeder says the party came about after the band members had “joked about it over months and years”. All three are active away from their music career in Indigenous recognition campaigning, education and humanitarian work.

When asked which election issues the party would engage with, Schroeder highlighted the lack of community consultation and transparency in government deals over the East West Link and the stripping of the state’s rights in the Trans-Pacific Partnership.

The party would also like a greater focus on promoting localised Indigenous culture in the school curriculum and reviewing legislation surrounding sponsorship of sporting and cultural events by alcohol companies.

However, Schroeder added that “you don’t have to have a position on everything”, saying he was less concerned with winning the election than demonstrating how “you can operate in the political arena with honesty and integrity as an example for others”.

Asked about public opinion against musicians entering the political arena, Schroeder challenged the idea that former investment bankers or lawyers make better politicians. “We all have brains, we all have higher education degrees. And perhaps we’re a little less sullied in our professional lives and networks,” he said.

The Basics Rock’n’Roll party is among a number of new progressive parties to launch in Australia, a space that has long been dominated by the Greens.

“The Greens are doing a pretty good job but sometimes their message is a bit heaped by their history and branding. I feel like we can reach a different audience with a similar message,” Schroeder said.

The announcement coincides with the release of a new EP by the Basics called The Lucky Country. The band’s music is notable for its political content, with lyrics that address topics including youth suicide and the treatment of asylum seekers.

The EP’s title song features the chorus: “We don’t know how lucky we are / when the bough breaks we’ll never fall far / Tony’s going to buy you a brand new car.”

The song title recalls Midnight Oil’s 1982 track of the same name. In September, Schroeder – who is a fan of Midnight Oil – was asked his thoughts about the band’s frontman Peter Garrett, who also joined politics as a Labour member for the seat of Kingsford Smith.

“I think it was a bit of a compromise between his own ideals and what was convenient at the time,” said Schroeder.

• This article was amended on 10 November 2014. The word “unsullied” was corrected to read “sullied”.