Business
Labor Secures Landslide Victory as One Nation Surges Past Liberals
ADELAIDE, Australia — South Australian Premier Peter Malinauskas led the Labor Party to a decisive second-term victory in the March 21, 2026, state election, expanding its majority in the House of Assembly amid a dramatic collapse of the Liberal opposition and a stunning surge by One Nation that reshaped the political landscape.

With counting ongoing late Saturday night, Labor was projected to secure at least 30 seats in the 47-member lower house — up from 27 before the election — while the Liberals appeared headed for a historic low of just four seats. Independents were on track to claim at least four, with preferences still flowing in key marginals. The result delivered Malinauskas a commanding mandate after a campaign dominated by cost-of-living pressures, housing affordability and immigration debates.
Labor captured nearly 38% of the primary vote, comfortably ahead of One Nation’s 21% and the Liberals’ dismal 19%. On a two-party-preferred basis, Labor held a commanding lead of around 59-41 against both major opponents, marking what analysts described as the party’s strongest performance in state history. The swing toward Labor reached 4-5% in many seats, fueled by strong urban and suburban turnout.
The outcome devastated the Liberal Party, led by Ashton Hurn, who assumed the leadership only in December 2025. The Liberals suffered their worst result since federation in any state or federal contest, with early concessions from Hurn at Morphettville Racecourse acknowledging defeat. The party hemorrhaged support in traditional strongholds, particularly outer metropolitan and regional areas where voters shifted to One Nation’s anti-establishment message.
One Nation, under Pauline Hanson’s national banner and with local candidates including Cory Bernardi in some contests, achieved its best-ever primary vote in South Australia. The party’s 21% primary share — up dramatically from just 2.6% in 2022 when it ran in fewer seats — reflected deep discontent with the major parties. Support was particularly strong in regional electorates and outer suburbs, where voters cited economic hardship, immigration concerns and distrust of elites. Despite the surge, One Nation appeared unlikely to win any lower-house seats due to preference flows favoring Labor or independents, though its vote split the conservative bloc and indirectly aided Labor’s gains.
Malinauskas declared victory shortly after 10 p.m. ACDT, thanking voters for endorsing his government’s record on jobs, health and infrastructure. “South Australians have spoken clearly: they want a government focused on delivery, not division,” he said in his victory speech. The premier highlighted achievements like hospital expansions, renewable energy projects and cost-of-living relief measures that resonated with working families.
The campaign featured unusual dynamics, with Malinauskas directly confronting Hanson’s anti-immigration rhetoric in debates and media appearances. Hanson responded sharply, accusing Labor of ignoring regional concerns. The exchange amplified One Nation’s visibility, contributing to its breakthrough performance.
Early voting turnout reached record levels, with more than 454,000 pre-poll ballots cast — a significant portion of the electorate — helping Labor build an insurmountable lead by election night. The South Australian Electoral Commission reported smooth polling day operations, with final results expected over coming days as postal and absentee votes are processed.
The election outcome carries national implications. Labor’s dominance in a traditionally competitive state bolsters federal prospects ahead of potential early polls, while the Liberals’ collapse raises questions about opposition strategy under federal leader Peter Dutton. One Nation’s rise signals growing populist sentiment, echoing trends in other states and potentially influencing Senate dynamics.
Malinauskas, who became premier in 2022 after ending 16 years of Liberal rule, now commands a strengthened majority to pursue ambitious reforms in housing, energy transition and economic diversification. Critics within the party and independents will watch closely for delivery on promises amid fiscal constraints.
As counting continues, the 2026 South Australian election will be remembered as a landslide for Labor, a humiliation for the Liberals and a watershed moment for One Nation’s breakthrough into mainstream contention.
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of O either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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My investing approach is very simple. I look at investments like tools with each one having different characteristics, capabilities, and risks. Nassim Taleb said something along the lines of “Don’t tell me what you think. Tell me what is in your portfolio.” In that spirit, I love the methodology prescribed in The Simple Path To Wealth so I own low-cost index funds (think $VTI $VOO $QQQ) and U.S. T-Bills/Treasuries. But I really enjoy individual stocks and cryptocurrencies, so I hold just a small percentage of individual stocks and cryptocurrencies. I select individual stocks to either fuel long term growth above the rate at which the index reasonably offers or to provide a higher level of income. My current individual stock holdings are $AMZN $EPD $TROW $THAR and BMNR. My articles generally focus on investments that I personally own or strategies that I employ. If I’m writing about something I don’t personally own, I will state that upfront. By trade, I’m a real estate broker. As a broker, my goal is to help buyers and sellers of real estate reduce their transaction costs and my services are available nationwide. I hold an MBA from Maryland’s Smith School of Business and write for Seeking Alpha because I find real enjoyment in it. It forces me to really think through my decision making and opens me up to feedback from the community. So, thank you for reading and thank you for your input!Disclaimer: Tom reminds investors to always do their own due diligence on any investment, and to consult their own financial adviser or representative. Any material provided is intended as general information only, and should not be considered or relied upon as a formal investment recommendation.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of CC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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