One Nation has released its 'Fire the Liar' TV ad - set to air during Wednesday night's State of Origin broadcast - which contains a compilation of what it calls Prime Minister Anthony Albanese's lies. 

The 30-second spot features a number of the PM's previous claims, such as that he had 'no plans' to change negative gearing and that he 'didn't' fall off a stage during last year's federal election campaign, when he did. 

It is funded by the party's mammoth recent fundraising effort, which the party claims reached $4.3million on Tuesday from more than 70,000 donors. 

The ad opens with Albanese declaring he has 'always been a man of my word,' before cutting sharply to a series of clips intended to undermine that claim.  

The ad includes footage from before the 2022 election in which Albanese says, 'We have no plans to change negative gearing,' followed by a later clip from 2026 where he concedes: 'We've changed our position.'

In recent weeks, Labor has faced sustained criticism for backflipping on earlier commitments not to change negative gearing or the capital gains tax discount, both of which the government overhauled in its recent Budget.

The government scrapped the 50 per cent capital gains tax discount and replaced it with a 30 per cent flat tax indexed to inflation. It also restricted negative gearing to new dwellings, while grandfathering all existing properties.

Under Bill Shorten, Labor took similar policies to the 2019 election, an agenda widely blamed for its loss to Scott Morrison and the Coalition. Ahead of the 2022 election, Albanese distanced Labor from those proposals and ruled out revisiting the changes, a position he maintained during the 2025 campaign.

The advertisement also targets Labor's cost-of-living messaging, highlighting Albanese's pre-election claim about 'reducing power prices by $275,' a figure based on modelling that projected average household savings over time.

Instead, average residential electricity bills have risen by as much as $1,000 a year or more compared to 2021 levels in some jurisdictions.

The Albanese government has responded with relief measures, including $150 rebates on power bills, delivered alongside state-based subsidies.

Electricity prices are also now set to fall for most households and small businesses across New South Wales, southeast Queensland and South Australia from July 1. 

The Australian Energy Regulator confirmed earlier this year that annual standing offer bills will drop by between $31 and $226. 

The Albanese government credits widespread uptake of their battery storage rebate and increased renewable generation for the reduction. 

The ad also mocks Albanese over a moment during the 2025 campaign when he stumbled off a stage, an incident he later downplayed.

'I stepped back one step. I didn't fall off the stage,' he said at the time.

The advertisement then juxtaposes that denial with footage showing him falling.

Meanwhile, Albanese on Tuesday said he was 'determined' to pass his tax reforms as soon as possible, despite criticism that a Senate inquiry into the legislation was rushed over just two days.

Labor is aiming to push the tax changes through the Senate before July 2.

In response to the 'Fire the Liar' campaign, Albanese on Monday said he would not sink to 'personalised politics.' 

'It's easy to identify grievance. The issue is providing solutions,' he said. 

One Nation says almost 70,000 people have donated to its campaign.