Mining magnate Clive Palmer has launched a 'Make Australia Great Again' political party just weeks before the federal election, promising to mirror some of US President Donald Trump's most eye-catching policies. 

The billionaire announced a new political party called 'Trumpet of the Patriots' at a press conference in Canberra on Wednesday morning.

Mr Palmer joked that the emphasis was on the 'Trump' part of the name, claiming without citing any source that 30 per cent of Australian's supported the new US President's policies. 

Trumpet of Patriots will replace his defunct United Australia Party, which he recently failed in a High Court bid to re-register,  and will focus primarily on slashing 'government waste and corruption'.

'Trumpet of Patriots will put Australians first and Make Australia Great Again,' Mr Palmer told reporters.

He added: 'Australian governments of all political persuasions have pretended that Australia is in good economic shape. 

'By using immigrants' wealth every single year for over 20 years and boast them as government achievements to boost our economy, when in reality the government have done nothing for the people they represent.'

In a carbon copy of Trump, Mr Palmer said his new party would recognise only two genders - male and female.

'We don't want men in women's sports and we don't want males dressed as females confusing our children's in our schools,' he said. 

He also called to recall Kevin Rudd as the Australian ambassador to the US, following damaging revelations of the former prime minister's bad-mouthing of Trump. 

Mr Palmer then introduced the leader of the party, Suellen Wrightson, who will contest the electorate of Hunter.

Rather improbably, he described her as the 'next prime minister of Australia' - a claim that was instantly labelled 'potty' by one journalist. 

'For too long, Australians have suffered from a duopoly of power (where) the Labor and Liberal party have been doing deals designed to take the Australian people's money for their own uses,' Ms Wrightson said.

She added: 'The simple reason that the cost of living is so high is because Australians are actually being ripped off by the political system and the lobbyists that support them.'

Ms Wrightson, who was a former United Australia Party candidate, then suggested that Trumpet of Patriots would build high-speed trains to enable housing developments on cheaper land. 

The Trumpet of the Patriots was originally registered in 2011, according to a Australian Electoral Commission register. 

The party is expected to run candidates in all lower house and open senate seats. 

Mr Palmer, who will serve as chairman of the new party, further accused politicians of being too cosy with one another and of failing to serve the needs of their electorates. 

'I've been in this place, I've seen the quality of the people that operate in the opposition and in the government who share together picnics on weekends, social outings, who don't really dislike each other and are actually quite adapted to each other' he said.

'That's why Australia hasn't had real democracy. That's why we've had a uni-party for many years and that's why we haven't brought the hard questions to government departments like Elon Musk is doing in Washington a the moment.'

He also suggested that Trumpet of Patriots would reinvest in Australia's steel mills to ramp up exports. 

2SM's Chris Smith questioned whether Mr Palmer's new political venture would upend Australian politics at the forthcoming election.

 'Who's to say that Clive Palmer won't rip the heart out of the conservative vote and steal numerous seats at this election?', Mr Smith asked.

'This could remove the possibility of a coalition-led minority government led by Peter Dutton as conservative voters are compelled to follow a rogue party aimed at replicating the Trump philosophy.' 

Echoing US President Donald Trump's language, a statment on the party's website says: 'Enough is enough! We will drain the swamp!'

Businessman and political strategist Glenn O'Rourke, who is listed as the party's registered officer, told 2SM it would focus on restoring Australia's representative democracy.

'We want to see a country where in the political system the candidates commit to serving the people who elect them and not a party or an international corporation or organisation,' Mr O'Rourke said. 

The party's website has an application portal for potential candidates, requiring a federal police check, a $100 nomination fee and a short personal biography, followed by a series of questions. 

The deadline for applications closes on at the end of February. 

The Daily Telegraph reported that the party was originally known as the Country Alliance, before changing its name multiple times.

 In 2020 it was re-named the Australian Federation Party, before it was finally changed to the Trumpet of Patriots last year.

It will be the last time Mr Palmer is able to splurge huge sums of cash on an election campaign due to new donation and spending caps coming into force next year.

In 2022, Mr Palmer spent over $120 million on the campaign and the United Australia Party candidates received over 600,000 votes in the lower house and over half a million in the Senate. 

However, it only resulted in the party securing one senate seat, currently held by controversial senator Ralph Babet. 

Prime Minister Anthony Albanese was immediately dismissive of Mr Palmer's new party when asked about it on Wednesday morning. 

'A bloke who spends over $100million to deliver one senate seat with a bloke who sits in the corner and just engages in conspiracy theories I don't think represents value for money,' the Mr Albanese said. 

'People are entitled to run but it's a distortion of democracy when you have someone spending $100million on a campaign right around the country. 

'I've seen these strange ads have been appearing for a month now. I'm not sure what the objective of them is...'

He added: '(But) if you are  a serious political party the you have you've got to have serious policies. 

'At the moment, there's only one serious political party at the moment in Australia (Labor).'

He later said that the 'alternative government in this country is not Clive Palmer'.

'The alternative government is a mob that have, after three years, produced three policies,' Mr Albanese said. 

The federal election must be held on or before 17 May.