One Nation's economic plans go far beyond cheap home loans

One Nation, the political party led by Pauline Hanson, has many economic plans that go well beyond its idea of cheap home loans. The party wants to build coal-fired power plants, cut immigration, and change how Australia's central bank works. In recent weeks, these plans have come under close inspection from economists and other politicians. Hanson spoke about her economic vision at the National Press Club on June 17.

One Nation's treasury spokesman Barnaby Joyce said the Reserve Bank of Australia should tell the government how much money it should spend. He also said the bank should suggest which rules the government could cut to help lower inflation, which means rising prices. Joyce seemed to suggest going back to an old idea called 'money supply targeting,' which Australia tried between 1977 and 1985 but eventually gave up on. Experts say this would be very hard to make work in today's global economy.

Mining billionaire Gina Rinehart is one of One Nation's biggest supporters and a close friend of Pauline Hanson. Hanson says she takes policy advice directly from Rinehart, whose company also gave Hanson a private plane earlier this year. Rinehart's friends and colleagues donated $2 million to One Nation as well. Rinehart's biggest idea is turning the top half of Australia into a 'Northern Economic Zone' with special tax breaks — and her own businesses in northern Australia would likely benefit.

One Nation's plan for cheap home loans through Australia Post has been criticised by economists. The plan would offer 30-year loans at 5 per cent interest, funded by scrapping a government housing fund worth $11.5 billion. Economist Jonathan Kearns warned it was 'an exceptionally risky policy' that could put huge costs on taxpayers. Hanson rejected these concerns, saying the money would simply be moved from one housing fund to another.