One Nation is capitalising on Australians’ economic pessimism like never before. Is a ‘stagflation impulse’ to blame?

By tying housing costs to immigration, Pauline Hanson promises a simple solution to a multilayered problem Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast In the three decades since Pauline Hanson entered federal politics, Australia has experienced numerous bouts of voter frustration with the mainstream parties. But it is only lately that the negative sentiment towards the majors has propelled One Nation to unprecedented polling numbers and delivered Hanson higher net approval ratings than the prime minister and opposition leader. Households are experiencing economic pressures that resemble the unrest of the 1970s, a period marked by elevated inflation and a stagnant economy. Households feel this “stagflation impulse”, as some economists describe it, through a cost-of-living squeeze accompanied by fear for their financial future, which often includes job insecurity. A winter of discontent has been intensified by Australia’s notoriously high housing costs and the frustration felt by younger generations at being priced out of home ownership. This despair is evident in consumer sentiment surveys that show Austral