One Nation has denied its plan to allow millions of people to tap into their nest eggs early would fuel inflation – while also shrugging off any need to model its policy.

“If there’s extra money in the economy and you put it into your bank account and don’t spend it, it has no inflationary aspect,” One Nation MP Barnaby Joyce told ABC Radio on Tuesday.

“Now we have to get economists to decide whether you get access to your own money? I mean, who are the people that have to give the imprimatur for you getting your own money?”

It’s estimated up to seven million people would be able to access their super early under One Nation proposed scheme to allow workers to divert a quarter of their contributions towards their rent or mortgage for up to three years.

Employers would still be required to pay 12 per cent superannuation, but super funds would then pay 23 per cent to those involved.

Economists say the scheme would boost inflation and exacerbate cost-of-living concerns. But Joyce, who had a meltdown on ABC TV on Monday night when questioned about the modelling for the scheme, again refused to say if any modelling had been done before the proposal was unveiled.

“We shouldn’t have to model you getting your own money,” he said.

“There’s now the presumption by the socialists that everyone that’s a total moron is going to take money from a good return and take it to a bad return if they don’t need it.”

Assistant Treasurer Daniel Mulino said the policy would unwind the entire super system.

“It’s very clear that One Nation hasn’t modelled either that aspect of it or the impact that it will have on people’s ultimate balances,” he told ABC Radio.

“What One Nation is actually asking people to do is to steal from their own future in order to boost their incomes now. It’s a very irresponsible approach.”

Coalition housing spokesman Andrew Bragg said the opposition was not looking at similar policy offerings, despite reports One Nation had usurped one of its ideas.

“It’s very telling that the Treasurer [Jim Chalmers], having destroyed the budget and destroyed the housing system, can’t even bring himself to have this debate,” he told ABC Radio.

“We always have the usual policy reviews and and internal processes that you would expect in a democracy to be undertaken, and that’s ongoing across the board as you would hope.”

Chalmers, meanwhile, said the One Nation policy was “friendless” except for Bragg.

“This is a shambles from beginning to end. Instead of running from it, the Liberal Party wants to photocopy it. And I think that says it all about the very dangerous and risky, anti-worker, anti-super ideology, shared by One Nation, the Liberals and the Nationals,” he said on Tuesday.

-with AAP