Radical reform of Victoria's political donations system would be among the strictest in Australia, while reducing the millions of dollars traditionally collected each year.
Premier Daniel Andrews on Monday revealed his planned changes, including that public funds might be used to make up the shortfall.
Donations will be capped and disclosed in real time while unions, fundraising organisations and individuals will be banned from giving more than $4000 to political parties over four years and face similar limits themselves.
All gifts of more than $1000 must be disclosed, down from $13,200, and there will be an end to foreign donations, the premier said.
"That's the key to transparency and Victorians knowing who's donating how much and where," he told reporters.
Other organisations such as unions, Labor-aligned Progressive Business, Liberal-affiliated Cormack Foundation and grassroots campaigning groups like GetUp will also be targeted.
"They too will have the same threshold for disclosure of donations, the same caps and the same annual reporting requirements, so that everyone's on a level playing field," Mr Andrews said.
Under the plan, taxpayers will chip in to help cover political campaign costs and the necessary extension of Victorian Electoral Commission powers to oversee the system.
The cost to the public purse has not been revealed.
Breaches of the planned laws would attract fines of up to $44,000 or two years in jail.
Special Minister of State Gavin Jennings said Victoria's system would become one of the toughest in the Western world.
"The days of $400,000 being provided by a union, in terms of providing support to the ALP's campaign, those days are over in Victoria," he told reporters.
"What we'll actually see here is if a union actually chooses to spend $400,000 in an election campaign it does so at its own behest."
The reforms would take in tickets to fundraisers, effectively limiting the number of events people can attend.
Memberships to parties will be exempt.
Mr Andrews said it would be the "most transparent" system in Australia, but the Greens and coalition opposition have slammed the government's lack of consultation.
Opposition Leader Matthew Guy said Victoria's laws desperately needed to be contemporised, but was sceptical of the government's move.
"If we worked in a bipartisan manner, then I'm very sure that all of us could get system that we all think is for the right reasons," he told reporters.
Greens leader Greg Barber wants to see the fine print of the reform.
"Dodgy deals are in Dan Andrews' DNA. I will guarantee you he's left himself a loophole so that he can benefit himself from this measure."
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