The One Nation party has proposed a platform centered on a significant reduction in migration numbers. According to an analysis reported by the Sydney Morning Herald (SMH), this policy shift would have substantial economic repercussions, specifically estimating that it would drive up the national debt by $275 billion.

The core of the economic argument rests on the relationship between migration, labor force participation, and tax revenue. By limiting the intake of migrants, the party aims to address concerns regarding infrastructure strain and housing availability. However, critics and economic analysts cited in the report suggest that a sudden or drastic reduction in migration would shrink the tax base and reduce the number of working-age individuals contributing to the economy. This, in turn, would necessitate increased government borrowing to maintain current levels of public spending and services.

While the SMH report focuses on the fiscal deficit, it does not detail the specific counter-arguments or economic models used by One Nation to justify their policy, nor does it provide a breakdown of how the $275 billion figure was calculated. The report frames the policy primarily through the lens of its negative impact on the federal budget, highlighting the tension between migration-restrictive policies and the maintenance of current national debt levels.