Pauline Hanson's One Nation party has reported more than $1m in missing and worthless assets across financial records filed between 2016 and 2022, according to documents obtained by Guardian Australia. The returns, lodged with Queensland's Office of Fair Trading, have been criticised by a leading accounting expert as 'sloppy and unprofessional'.
Matthew Pinnuck, a professor of financial accounting at the University of Melbourne and former KPMG audit manager, assessed the accounts. He highlighted 'highly unusual' entries, including the purchase of over $100,000 worth of office equipment in 2020 that was immediately written off as worthless. Typically, such equipment would be depreciated over five to ten years.
The party's 2021 balance sheet showed property and equipment worth $93,000, yet it reported purchasing $575,710 and selling $492,491 of such assets that year. Pinnuck described this as 'very unusual' and difficult to explain. The party also recorded significant losses: a deficit of $1.05m in 2022, more than double the previous year's loss of $517,000.
One Nation has repeatedly failed to meet legal obligations for an incorporated association, including holding annual general meetings on time and filing annual returns. It has not filed returns since 2022. The party reports as a 'special purpose entity', a method for small businesses that limits transparency. Pinnuck argued this may breach the Corporations Act, given the party's public accountability.
'The overall quality of the preparation and presentation of the financial statements is very poor and unprofessional,' Pinnuck said, adding that the recurring losses raise questions about the party's ability to manage public resources responsibly.
