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One Nation's seismic result in Farrer has once again sounded alarm bells for Victorian Liberals. But political experts say both major parties could be risk, amid cost-of-living pressures and increasing disillusionment among voters.

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00:01A week is a long time in politics.
00:04After seeing off the One Nation challenge in Nepean,
00:07Farrah has only prompted more soul-searching.
00:10What it shows me, the result in Farrah is that no party,
00:13no politician can take anything for granted.
00:16No one owes you their vote, you have to earn it.
00:18But Victorian Liberals are brushing off direct comparisons.
00:22But it's also a different result to what we had in Nepean last week.
00:25I think it demonstrates that Victoria is different.
00:27Farrah has sent a very clear signal to the coalition.
00:31Both the Farrah and Nepean by-elections saw a large swing against the Liberals,
00:36to One Nation and independent candidates.
00:39What you saw in the Farrah by-election and also the Nepean by-election
00:42is a complete collapse in the Liberal vote.
00:46And that is because people can actually see through
00:49what the Liberal Party is offering.
00:51But the threat to Labor is also highly visible.
00:54I would say this is a pox on both their houses.
00:57Political experts predict One Nation will be the most competitive
01:00in financially stressed, out-of-suburban and regional seats.
01:04And neither major party is immune.
01:07The main driver of One Nation's support that we're picking up
01:10is what we're calling the burn-it-all-down factor.
01:13So these are voters that are unhappy with how things are.
01:17They believe that the future direction of Australia as a country
01:20is looking quite dire.
01:22Look, I think we've got a fragmented electorate at the moment
01:24because people are frustrated, they're angry.
01:26Pollsters are cautioning against reading too much into these recent by-elections,
01:31saying they're not in themselves predictive of state and federal election outcomes.
01:35But these recent results do demonstrate one thing,
01:39that many voters want to change from the status quo.
01:42So we're going to be aware of and blue that's been it-
01:42about snow.
01:42Remember the NationalHYISTON
01:42we had an�er API, FRANCE and
01:42wiped away something normal. Are we asking questions?
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