Banks continued to donate to Labor despite the party's pursuit of a potentially brand-damaging royal commission but the big four still channelled most funds to the Coalition.
The Coalition, which has fought back against a banks royal commission, received $600,000 in total from the big four, double the $310,00 the banks gave the ALP.Â
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Bank halts political donations
The National Australia Bank has stopped donating to political parties, concerned about the public perception.
Westpac was the biggest donor, giving $335,000 to the Liberal Party compared to $81,000 to Labor in 2015-16, according to the Australian Electoral Commission's annual returns released on Wednesday.
The major parties will be looking to alternative big business donors, with Westpac, CBA and NAB vowing to stop the practice in 2016.
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The 2016 total was already down on the previous year in which the big four gave $520,000 to the Liberals and Nationals and $236,000 to the ALP.
Australia's biggest miners have also pulled back from political donations, with BHP Billiton and Rio Tinto not even submitting a return to the AEC.
Oil and gas companies continued to donate, with coal seam gas and liquefied natural gas outfit Santos giving a combined $125,000 split equally.
Woodside donated $110,000 to Labor and the Liberals.
Chevron, which has developed the world's biggest LNG terminal off the coast of Western Australia gave $15,500 to Labor but gave $39,000 to the WA Liberal Party.
Some of the biggest pockets in the business world looked past the major parties, with Flight Centre founder Graham "Skroo" Turner continuing his financial support for Sustainable Population, a micro party formerly known as the Australian Stable Population Party.
Mr Turner gave Sustainable Population $212,000 via his personal company Gainsdale Pty Ltd while his fellow Flight Centre founder, Geoff Harris, gave the party $220,000 via his company, 26 Summers Pty Ltd.
Mr Harris' former wife, Susan, pledged $300,000 to Sustainable Population.
J.J. Richards & Sons, the largest privately owned waste management company in Australia, donated $25,000 to the Australian Liberty Alliance whose policies include fighting the "Islamisation of Australia".
Ramsay Healthcare remains a big Coalition donor, giving $45,000 to the federal divisions of the Liberals and Nationals.
Frank Lowy's Westfield Corporation gave $160,000 to both sides.
Village Roadshow donated $636,000 to the two major parties, with $325,000 going to the Liberal Party.
In the casino sector, Star Entertainment, owner of Sydney's Star Casino and Jupiters on the Gold Coast gave $44,00 to the Liberals and $33,000 to Labor.
James Packer's Crown Resorts gave combined donations of $60,000 to the Liberals in WA, where his company owns the Burswood casino.