Bleary-eyed Victorian MPs sat until about 5.30am on Friday to pass legislation restoring political donation laws ahead of the November state election.
The state has not had any caps, foreign donations ban or disclosure requirements since mid-April, when the High Court found donation exemptions created for nominated entities were unconstitutional.
Under the new laws that restored those safeguards, nominated entities of the Labor, Liberal and National parties will be subject to the revised four-year donation cap of $7500, which is double for new parties and candidates.
The original bill stipulated each party must return money transferred to their nominated entities between July 1, 2023 and April 14, 2026 above the previous cap of $5030 that remained in their state campaign accounts on April 15.
The start date for repayments above the cap was shifted to November 25, 2018 - the day the original laws took effect - under a government amendment.
Special Minister of State Ingrid Stitt said the change responded to "completely unfounded" accusations from coalition MPs that there was "something nefarious" behind the mid-2023 start date.
The bill passed the upper house 23 votes to 12 with crossbench support, and it was rubber-stamped by the Labor-dominated lower house.
Premier Jacinta Allan sought to use the lack of bipartisan support to attack the opposition.
"They wanted to keep big money and big money influence in Victorian elections," she told reporters in Bendigo.
"We simply believe it's Victorians who should determine elections."
West Party candidate Paul Hopper, who led the original High Court challenge with former independent candidate Melissa Lowe, has already flagged he intends to mount another legal fight.
The coalition is also considering its legal position after declaring the laws had been "rigged" in Labor's favour.
"Jacinta Allan .... knows that the unions can continue to put millions of dollars into her pocket for the next election," opposition police spokesman Brad Battin said.
"And the Liberals and Nationals party, every other party, now has a cap."
Ms Allan defended annual fees Labor receives from affiliated unions as associated entities, which cannot be used for political campaigning, remaining uncapped.
The laws boosted taxpayer-funded administrative payments for registered parties to $300,000 for their first elected MP, $100,000 for a second elected MP and $55,000 for every MP between three and 45.
Independents would also receive $300,000 if elected.
Transparency International Australia chief executive Clancy Moore cautiously welcomed the reforms, including closing the "MCG-size loophole" around nominated entities and a mandated review.
"The fact that the laws were rushed through parliament without consultation means the inbuilt statutory review after the November election is a very important safeguard," he said.
The review offered an opportunity to consider further steps needed to ensure a level playing field, Democracy Counts campaign director Tom Mooney added.
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