Opposition leader Angus Taylor has launched a scathing critique of the One Nation party, warning that if it were to form government, it would plunge Australia into an 'eternity of pain' due to its reckless financial promises.

In an address to the Sydney Institute, Taylor accused the party of being 'long on rhetoric but short on substance', with a chaotic mix of contradictory policies and no clear ideological foundation.

He highlighted that One Nation's top four financial commitments could cost the budget over a trillion dollars in a decade, yet they lack a credible plan to fund these promises.

Taylor argued that their pledge to reduce bureaucracy would only address a fraction of their commitments, leaving Australia vulnerable to inflation, interest rate hikes, and a potential sovereign debt crisis.

He warned that unfunded promises would force drastic cuts to essential services like pensions and Medicare, creating a compounding feedback loop of economic instability.

The speech comes amid growing tensions within the opposition, with Taylor accused of being too cautious compared to rivals like Andrew Hastie, who have adopted a more confrontational stance against One Nation.