Angus Taylor Slams One Nation's Economic Plan as 'Send Us Broke'

Opposition leader Angus Taylor says One Nation's economic plan for the country would "send us broke" and has accused the right-wing party of being a "column of smoke".

In a speech at the Sydney Institute on Thursday, Mr Taylor said four of One Nation's policies alone would cost a trillion dollars over a decade and rubbished the party for having "no credible plan" to pay for its promises.

The comments are his strongest yet pushing back on One Nation, with the opposition leader previously suggesting his door was open to leader Pauline Hanson to work with the Coalition on issues like opposing Labor's tax agenda.

Mr Taylor outlined his own economic vision for Australia, while warning an "eternity of pain" would follow if party leader Pauline Hanson gained power.

"If unfunded, these promises would generate a surge in inflation requiring the RBA to raise interest rates by around 3 percentage points to neutralise their effect," he said.

"That would add around $20,000 a year in interest to the average new mortgage."

He said national debt, which is currently sitting at almost $1 trillion, would nearly triple under One Nation.

The One Nation policies included 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.

Mr Taylor described Senator Hanson as a "one person show" and said her policies were a "random grab bag" of "changing positions".

"I understand why some Australians think the way out is to blow the place up," he said.

"But to those who feel like lighting a match, believe me when I say, that a moment of satisfaction isn't worth the eternity of pain that will follow."

One Nation MP Barnaby Joyce declined to comment.

One Nation test for Liberals looms

Mr Taylor's fiery speech comes after increasing comparisons between his generally more careful approach to the resurgent minor party, which has consistently polled ahead of the Coalition since the start of the year, and the more direct attacks of his Liberal colleagues like frontbencher Andrew Hastie.

Mr Hastie last month declared he was at "war" with One Nation, suggesting the party would have to "blast me out" of the West Australian seat of Canning.

An imminent by-election in the WA state seat of Secret Harbour, which takes in part of Canning, is expected to present a real-world test of One Nation's support in the area.

Labor holds the state seat; many believe the contest will come down to a two-party preferred race with One Nation.

A Labor source told the ABC they expected their party to prevail and believed candidate selection would be a "significant factor" in how Ms Hanson's party performed.

Taylor accuses Labor of 'anti-productivity' agenda

Mr Taylor said Labor's changes to negative gearing and the capital gains tax would be their downfall, and said the May budget revealed the government did not "understand the Australian people".

"That's why the Australian people are resisting it," he said.

The Coalition has vowed to reverse the tax changes, as well as significantly reduce government spending.

Mr Taylor said it was time to "take away the cookie jar," promising a crackdown in four areas including the National Reconstruction Fund and the so-called climate bureaucracy like the EV tax rebate and the Net Zero Authority.

He accused Labor of having a big government agenda and said it was dragging down living standards and shredding wages for workers.

"The Coalition will restore self-determination and enterprise as the drivers of growth," he said.

"We will put faith back in Australians."