Millionaire entrepreneur Dick Smith says Australia will be destroyed unless it adopts Pauline Hanson's population policies.

The businessman, best known for starting an electronics store chain and creating Australian spread OzEmite, says One Nation's zero net migration policies made sense.

'I just have the plan to tell people that her population policy is right, otherwise we will destroy Australia,' he told Network Ten's Studio Ten program on Tuesday.

Millionaire Dick Smith, once worth $50 million, supports Pauline Hanson's One Nation (stock image)

Entrepreneur Dick Smith insists Pauline Hanson is not a racist and speaking with her

'What I'm saying is, why don't one of the major parties take on her population policy because that would be sensible.'

But he refuted a suggestion Senator Hanson was a racist, despite a call in her September maiden speech for a ban on Muslim migration to Australia.

'I've spoken to Pauline a number of times and I don't think she's racist,' he said.

Mr Smith, a former Liberal Party voter who last year threatened to run against former speaker Bronwyn Bishop in her old Sydney northern beaches electorate, said he would offer guidance to One Nation in upcoming state and federal elections.

Dick Smith, who made his name in electronics, said the type of voters who supported Donald Trump in the United States would back One Nation in Australia

The pair had an initial conversation last week when Senator Hanson said Mr Smith 'realised we agree on many things'.

He predicted the type of disaffected voters who supported US president-elect Donald Trump would back One Nation in Australia.

Mr Smith, who has previously paid a $240,000 legal bill for former Greens leader Bob Brown, is now offering to help One Nation campaign in western Sydney, which is home to several marginal seats.

The businessman and helicopter adventurer from Sydney's north shore is planning to meet with Senator Hanson, who hails from Ipswich in Queensland, before Christmas, The Daily Telegraph said.

The former electronics mogul has offered to provide Hanson (pictured) with policy advice

But the former electronics mogul, once worth $50 million, has ruled out donating to One Nation.

Mr Smith was reportedly attracted to One Nation when friends of his began to back Senator Hanson's party.

'I support her policy on Julian Assange. I support her immigration policy. She says she's going to have a policy to help general aviation. I'll certainly support that,' he told News Corp Australia.

But despite that, he disagreed with her stance against Muslim immigration.

Dick Smith, pictured with former New South Wales premier Barry O'Farrell, said he disagreed with Pauline Hanson's stance against Muslim immigration

'People tend to say that she's racist. So I asked her, does she think that she's superior to other races? She said no,' he said.

He liked the fact One Nation was the only party not focused on population growth, saying it would stop young people from being able to afford homes.

Although there were other policies of Senator Hanson's he didn't like, Mr Smith said he was beginning to understand where her support came from.

People tend to say that she's racist. So I asked her, does she think that she's superior to other races? She said no. Dick Smith

Senator Hanson is planning to stand candidates in areas of Sydney where she believes voters are disenchanted with major parties.

'People are just really fed up with the major parties and screaming out for change,' she said.

Smith even said he might stand for federal parliament as an independent.

Former federal Labor MP Kelvin Thomson, who shares Mr Smith's views on reducing net migration, said the major parties had ignored the need to slow down Australia's population growth.

'The increase in the migration program may be one of the contributors in increased support for One Nation,' he told Daily Mail Australia on Tuesday.

He said Mr Smith was right to be frustrated with major parties on these issues.

'He feels like they're not being debated in a serious way,' Mr Thomson said.