Abbott parties at million-dollar bash

Around 1000 people will fork out up to $50,000 for a table at Tony Abbott's fund-raiser , Source: News Limited

BUSINESS is bankrolling a record-breaking $1 million Liberal Party fundraiser in Melbourne on Thursday as Tony Abbott cashes in on his election favouritism.

But Kevin Rudd's comeback has also significantly boosted Labor's coffers with the Prime Minister hosting a series of intimate "boardroom" dinners - including Sydney on Thursday for $5500 per head.

Both major parties are scrambling to raise tens of millions of dollars to bankroll a record campaign blitz - likely to soar to well over $100 million.

The Opposition Leader will join a raft of senior Liberal frontbenchers - and two Premiers - at tonight's record-breaking fund-raiser, to be held at Crown Casino in Melbourne.

Around 1000 people - including a raft of blue-chip corporates - will fork out up to $50,000 for a table, to be hosted by senior Liberal MPs including shadow treasurer Joe Hockey, deputy opposition leader Julie Bishop and immigration spokesman Scott Morrison.

Victorian Premier Dennis Napthine and NSW's Barry O'Farrell will also attend the "federal campaign launch dinner" - expected to raise a record sum for a single political fund-raiser.

Tickets for the event start at $175 - but dinner at a table hosted by a shadow minister will cost a minimum $1000.

Mr Abbott - whose chances of winning the election have lengthened since Julia Gillard was ousted - has been cashing in on business hopes of a Coalition victory.

Last night, the Opposition Leader appeared at a small fund-raiser in the Sydney offices of National Australia Bank - the former employer of the ALP's national secretary George Wright.

Executives from St George Bank were understood to be among the guests at the Sydney dinner.

But Labor is also exploiting the Prime Minister's strong popularity by going all out to raise funds to bankroll the party's election campaign.

There has been a "significant improvement" in corporate donations since the change of leadership, senior ALP figures have confirmed.

Mr Rudd - who has been hosting a series of small boardroom dinners in capital cities during the past few weeks - will play host to a small function in Sydney on Thursday, expected to raise around $60,000 for Labor.

Invitations advise business representatives to "respond early to avoid disappointment".

But while the Prime Minister has sought to improve relations between Labor and the business community since returning as leader, several ALP supporters say he retains a reputation for turning up late to fundraisers and only showing moderate interest in his corporate guests.

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