 Schacht's political career started as a state party official in 1969 during the Don Dunstan era.In 1987, he entered Federal Parliament as a Labor Party Senator for South Australia.He was Minister for Science and Small Business and Minister assisting the Prime Minister for Science in the Keating Labor Government from March 1993 to March 1994 and then Minister for Small Business, Customs and Construction until Labor's defeat at the 1996 election.