Australia's leading progressive campaigner has opened a new front against One Nation, appealing to voters not to reward Pauline Hanson's party with public funding.
An analysis from Simon Holmes a Court shows the populist party would be paid more than $200 million by taxpayers over the next five years, should current polling come to pass.
The review takes in state and federal elections from early 2026 to 2031, looking at the financial entitlements that would be fairly owed to the party under electoral law.
Already this year, it has locked in $7.2 million after a bumper result in the South Australia election, where it won 23 per cent of the vote and seven seats, and $140,000 in the federal Farrer by-election.
One Nation won that contest over Mr Holmes a Court's preferred candidate, Michelle Milthorpe, who he backed through his private fundraising arm, Climate 200.
One Nation's recent cheques would be dwarfed by hauls north of $30 million for both the Victorian election, due in November, and the NSW election next March.
Mr Holmes a Court said the largesse was due to "electoral funding laws passed by the legacy parties".
"For decades, Pauline Hanson's genius has been to operate One Nation as a business, not a party, and has used the increasing largesse of public funding to build her business," he said.
"The current system, purportedly designed to increase trust in elections, has become a mechanism to exclude newcomers and protect the political establishment - of which One Nation is a member - from competition even as the major party vote is in long-term decline.
"That model is being rewarded with exponential increases in money from the taxpayer which could well propel the minor party into seats at the nine elections from now to the federal election due before May 2031."
Funding regimes in each state include a dollar amount per vote, dependant on clearing a small threshold, as well as administrative funding to support the party beyond the election.
A windfall of roughly $50 million would be due to One Nation should they poll 30 per cent at the 2028 federal election.
Party spokesman Richard Henderson said the implied criticism of One Nation in Mr Holmes a Court's attack was laughable.
"One Nation has not made the rules, but we do what we're told and are following them," he told AAP.
The projected public funding is over and above any public and corporate fundraising the party conducts, including its hugely successful "fire the liar" campaign.
According to its own website, the public fundraiser taking aim at the government's budget broken promises has raised $4.1 million as of Monday afternoon.
Mr Holmes a Court is the son of Australia's first billionaire and a former Liberal party supporter before falling out with the party over its climate policies.
Climate 200 has bankrolled and helped elect independents in a spate of seats, mostly at the coalition's expense.
