Opposition leader says One Nation policies would cost $1 trillion over decade

Opposition leader Angus Taylor said four One Nation policies would cost the economy a trillion dollars over a decade and add $20,000 a year in interest to mortgages. He added that national debt, currently almost $1 trillion, would nearly triple under the plan.

The policies cited in the modelling include increasing defence spending to 3.5 per cent of GDP, introducing income splitting for families, indexing income tax brackets to inflation, and net zero migration.

Coalition economic plan Taylor said a Coalition government would end what he called Labor's big government agenda and improve living standards. He accused Labor of changes to negative gearing and capital gains tax that would be its downfall. The Coalition has vowed to reverse those tax changes and significantly reduce government spending.

Taylor said it was time to take away the cookie jar, promising a crackdown on the National Reconstruction Fund and climate-related programs such as the EV tax rebate and the Net Zero Authority. "The Coalition will restore self-determination and enterprise as the drivers of growth," he said.

Taylor described One Nation as having no credible plan to pay for its promises and called its policies a random grab bag of changing positions. An imminent by-election in the WA state seat of Secret Harbour is expected to test One Nation's support in the area.