World May 31, 2026 11:07 PM

One Nation Surges Ahead of Labor in National Poll as Budget Measures Draw Ire

Redbridge Group and Accent Research survey records One Nation at 31%, Labor falls to 28% after sweeping property tax changes in May budget

By Marcus Reed

A new national opinion poll shows the far-right One Nation party leading primary support for the first time, overtaking the incumbent centre-left Labor party amid voter dissatisfaction with recent budget measures that reworked property taxes. The survey also finds Labor maintains a narrow lead on a two-party-preferred basis while support for the conservative coalition has weakened.

One Nation Surges Ahead of Labor in National Poll as Budget Measures Draw Ire

Key Points

  • One Nations primary support increased to 31%, up four percentage points from the previous month, while Labor fell to 28% and the conservative coalition to 20%. - Sectors likely affected include housing and real estate due to the budgets property tax changes, and consumer-facing sectors sensitive to living-cost concerns.
  • The May 12 budget introduced substantial changes to property taxes aimed at addressing intergenerational inequity, but the poll indicates these measures did not win broad voter approval. - Financial markets and mortgage-sensitive industries may face heightened policy uncertainty while these measures remain politically contested.
  • On a two-party-preferred basis, Labor remained ahead of One Nation 51% to 49% after respondents allocated preferences under the ranked-choice system. - Political risk to policy continuity remains a factor for investors and businesses monitoring electoral sentiment.

SYDNEY - For the first time since its founding, the far-right populist party One Nation has overtaken the ruling centre-left Labor party in primary support in a national opinion poll, according to results published this week. The shift follows public reaction to the governments budget measures introduced earlier in May.

The Redbridge Group and Accent Research poll showed primary backing for One Nation rose by four percentage points from the prior month to 31%. By contrast, Labors primary support declined by three points to 28%, while the conservative coalition opposition slipped two points to 20%.

The survey, conducted between May 25 and May 28 among 1,005 voters and carrying a margin of error of 3.4 percentage points, came after the governments May 12 budget implemented what the poll description characterised as the largest changes to property taxes in decades. Those measures were framed by the government as an attempt to address intergenerational inequity.

Respondents in the poll suggested the proposed property tax changes had not resonated with many voters. The results indicated the measures were particularly unpopular with Generation X and Baby Boomer cohorts, even as the reforms were designed in part to benefit younger Australians.

Among younger age groups, only 26% of Millennials said they believed the budget would be good for them, and just 13% of Gen-Z voters expressed that view, the poll reported. Those figures suggest limited confidence in the reforms among the demographic groups the government intended to assist.

On a two-party-preferred basis - a calculation that reflects preference distribution under Australias ranked-choice voting system - Labor remained ahead of One Nation, 51% to 49%.

One Nation, a party founded in 1997 and led by Pauline Hanson, has historically held only a peripheral role in the national parliament. The partys recent resurgence in primary polling was attributed in the poll notes to its ability to tap voter concerns over high living costs, broader economic uncertainty and anti-immigration sentiment.

The poll results illustrate both the immediate political response to the May budget and the persistence of voter anxieties that have helped elevate One Nations standing in primary support. While Labor retains a narrow advantage in two-party-preferred terms, the primary polling indicates shifting voter preferences that political strategists and market observers will likely monitor as the electoral cycle progresses.


Methodological note: The poll sample comprised 1,005 voters and was conducted from May 25 to May 28. Reported margins of error are +/- 3.4 percentage points.

Risks

  • Policy uncertainty arising from public opposition to the May 12 property tax changes, which could affect sectors tied to housing and real estate.
  • Electoral volatility reflected in shifting primary support that may complicate planning for businesses and markets sensitive to changes in taxation and regulatory policy.
  • Persisting voter anxieties over high living costs and economic uncertainty that have boosted One Nations appeal, potentially altering the political environment for consumer-facing industries and fiscal policy.

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