Key facts
- One Nation's financial reports from 2016-2022 show over $1 million in missing or worthless assets.
- The party has repeatedly failed to meet legal obligations for incorporated associations, including timely AGMs and filings.
- An accounting expert described the financial statements as "incredibly sloppy" and questioned the party's governance.
- Unusual accounting entries and significant write-offs of assets were noted.
- The party has incurred substantial financial losses in recent years.
- One Nation has not filed annual returns with the regulator since 2022.
One Nation's financial reports filed with the Queensland Office of Fair Trading between 2016 and 2022 have revealed significant issues, including over $1 million in missing or worthless assets. Professor Matthew Pinnuck of the University of Melbourne described the financial statements as "incredibly sloppy and unprofessional," raising concerns about the party's governance and its capacity to manage public resources responsibly.
The reports show repeated failures to meet legal obligations, such as timely annual general meetings and filing of financial statements. Pinnuck highlighted "highly unusual" accounting entries, including the purchase and sale of substantial property and equipment that did not align with the balance sheet, and the immediate write-off of over $100,000 in office equipment as worthless in the year of purchase.
The party has also experienced significant financial losses in recent years, with a deficit of $1.05 million recorded in 2022. One Nation has been reporting as a "special purpose entity," a method that requires less disclosure and may potentially breach the Corporations Act, as a politically significant organization with broad stakeholders is arguably publicly accountable.
Further scrutiny has emerged regarding a $500,000 investment in the now-collapsed Mayfair Platinum, which was still listed as an asset on the party's balance sheet in 2021 and 2022, despite the company's failure and findings of misleading advertising. Legal fees, subscriptions, and consultancy fees have also seen substantial increases.
The Queensland Office of Fair Trading had issued a "show cause" notice to One Nation for failing to lodge annual reports on time, and later refused an extension. When the overdue reports were eventually filed, they revealed a failure to hold annual general meetings within the statutory timeframe.