The next federal election could be conducted under dramatically reformed electoral laws, with caps on spending and donations, and a much lower disclosure threshold for the disclosure of donations.

The changes, being worked up by Special Minister Don Farrell, would also trim the wings of third parties, such as Simon Holmes à Court’s Climate 200.

Farrell tells The Conversation’s Politics Podcast he is not waiting for the final report of the parliamentary Joint Standing Committee on Electoral Matters, which in its interim report has recommended a set of reforms broadly in line with Labor policy. The report was tabled on Monday.

Farrell says waiting until the final report comes at the end of the year would make it harder to get legislation in place for the next election, due by May 2025. He will have negotiations over the coming months and wants as much bipartisanship as possible, despite the Coalition opposing key recommendations of the majority report.