The Labor Party Nearly Went Broke Before The Last Election

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The Australian Labor Party’s executive were warned they would be personally responsible for debts if it traded while insolvent in June last year, according to a report in the AFR.

According to the article national secretary George Wright handed out legal advice written by victorian barrister Tony Lang, warning the executive committee what would happen if the party — in essence — went broke.

This would have left senior union members as well as MPs such as Anthony Albanese with the debt, much of which it racked up during Kevin Rudd’s media blitz Kevin-07 campaign.

“We are lucky to be solvent. We spent it all on that massive first campaign with Rudd. Queensland has some assets but the federal party has had to sell almost everything. People have got away with murder,” one committee member said in the article.

There’s more here.

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