One Nation is threatening to vote against key budget measures unless the federal government slashes funding for the ABC.
Party whip Brian Burston says it wants the public broadcaster's allocation reduced by $600 million over four years.
"It's about time we took a stand against the ABC because if it's us and they destroy us, what is it next, the government?" Senator Burston told The Australian on Wednesday.
The ultimatum comes after the ABC broadcast a leaked recording in which One Nation leader Pauline Hanson appears to acknowledge a $106,000 Jabiru plane was donated by Victorian property developer Bill McNee.
The minor party would only consider supporting a planned hike in the Medicare levy designed to fully fund the national disability insurance scheme, because it didn't want disabled Australians to be "held to ransom".
When asked whether the government would be blackmailed by One Nation, Communications Minister Mitch Fifield told ABC radio: "We have a range of legislative measures before the parliament and we put them forward and ask our colleagues to consider those on their merits."
Three-year funding for the ABC was established in the 2016 budget, he said.
Labor leader Bill Shorten labelling One Nation's threat a stunt.
But he questioned whether the party had been emboldened in its attitude by Immigration Minister Peter Dutton, who criticised ABC presenters last week.
"This is a government who says they believe in freedom of speech except when its done by the ABC," Mr Shorten told reporters in Canberra.
"We certainly won't be playing any political games which sees the ABC and regional Australia in all its coverage held hostage to the right wing of Australian politics."
