The democratic regression in Indonesia is not caused by poor understanding of democratic principles or the excesses of democracy, but by anti-reformist elites who aim to destroy the country’s new democratic institutions. There are four types of elites in Indonesia, namely the oligarchs, economic elites, political elites, and bureaucratic elites, who leverage their wealth, political positions, and control over policy to shape the direction of policymaking. Collaboration among elite groups can be seen in recent laws, regulations, and policies, such as the omnibus Law on Job Creation and the revisions to the Law on Mining, passed in 2020. Elite power is reproduced through political and business organizations, with oligarchs using both to remain in their circle of power. President Joko Widodo’s attempt to quickly establish a political dynasty is a common mechanism for elite power reproduction. Indonesian democracy’s future depends on the strength of challenges from below, and whether they can dislodge this expanding structure of elite power.