It’s said money can’t buy happiness and it may not be able to buy a seat in parliament either.

The two biggest fundraisers at the May federal election, according to data from the Australian Electoral Commission, both failed to win a seat in parliament.

Victorian independent Alex Dyson and NSW independent Carolyn “Caz” Heise became the first federal candidates listed in AEC records to attract more than $2 million in donations.

Dyson tried to win the seat of Wannon, held by Liberal frontbencher Dan Tehan, but fell short. Heise challenged Pat Conaghan for his seat of Cowper, the National party’s most marginal seat.

Climate 200, the fundraising vehicle backed by businessman Simon Holmes a Court, was the largest donor at the 2025 election, making 483 payments to 34 independent candidates.

In total, it spent nearly $11 million in the lead-up to the May poll.

The electoral commission requires candidates to disclose any donations above $16,900, along with their campaign spending.

The data is published after each election to give Australians a better insight into who is funding politicians and how much they spend.

Kooyong independent MP Monique Ryan received the most donations of any sitting politician, amassing $1,905,102 from more than 3000 donors.

Of the top 50 biggest-spending candidates, 45 were independents.

They included Ryan and other teal MPs such as Zoe Daniel, Allegra Spender, Sophie Scamps, Kate Chaney and Zali Steggall.

Other independents, including western Sydney MP Dai Le and Nationals-turned-independent Andrew Gee in regional NSW, were also high on the list.

The other five spots in the top 50 went to Finance Minister and ACT senator Katy Gallgher, One Nation candidates Warwick Stacey, Tyron Whitten and Richard Graham, and Centre Alliance MP Rebekah Sharkie.

-AAP