Australian billionaire Clive Palmer today launched a political party, which he explained was inspired by US President Donald Trump.

The mining tycoon said his party, called the "Trumpet of Patriots" (where the word "trump" refers to Trump's nickname), would eradicate corruption and bureaucracy in the country's capital, Canberra, again hinting at Trump's plans to drastically reduce the size of government.

"We believe that Donald Trump has proven to be very effective in reducing public spending," Palmer said during a press conference at which he introduced his new party.

"The trumpet of the patriots will make Australia great again," the billionaire declared from the podium.

Palmer opposes mass immigration and has said his party will only recognize two genders, mirroring positions Trump has supported.

The Trumpet of Patriots party plans to field candidates for all 150 seats in Australia's lower house, as well as seats in the upper house, the Senate, Palmer said.

Palmer, who is the 18th richest person in Australia with a net worth of $2,1 billion according to Forbes, previously led the far-right United Australia Party (UAP) and served as its MP in the House of Commons for three years from 2013.

Palmer did not have time to register a new political party before the May 2025 elections, forcing him to find an existing one to run his own candidates.

Prime Minister Anthony Albanese has not yet announced the exact date for their holding, which could be as early as March, as the country's central bank cut interest rates on Tuesday, a boost for the government which has seen its popularity ratings fall due to the high cost of living.