Palmer said a new-look United Australia Party would contest the September 14 federal election and after the launch tweeted that his aim was to go all the way and become the next PM.

The UAP plans to put up candidates in every House of Representatives and Senate seat in every state and territory.

The party previously existed between 1931 and 1945, when it was absorbed into the Liberal Party.

Palmer will stand as a candidate in the Queensland lower house seat of Fairfax.

He said the decision to enter politics was as a result of the poor policy decisions of the Gillard government and lack of confidence in the federal Opposition.

“Julia Gillard and the Labor government are on the nose but Australians are also clearly disillusioned with both the major political parties,” he said.

Palmer said the UAP would offer a viable alternative.

“Politics today is based on politicians blaming and fighting each other; there is no leadership and no plan to grow the economy,” he said.

“United Australia Party will represent all.

“Australia also needs the right policies in place to restore jobs growth.

“We have had people with little expertise running the country and operating a trillion dollar business.

“We are facing a $60 billion deficit and drastic action is needed.”

Palmer said politicians were being compromised by the reliance on lobbyists and their donations.

“Julia Gillard, Tony Abbott and Queensland Premier Campbell Newman have allowed lobbyists to have too much influence in the political process and this is one of the major factors in my decision last year to resign my membership of the LNP,” he said.

Palmer said one of the UAP’s policies would be to repeal the carbon tax and make it retrospective.

“The Gillard government has handicapped Australian industry by forcing Australian businesses to pay $A23 per tonne of carbon under its carbon tax while European businesses pay only $3.23,” he said.

“This has proven to be a disaster that has cost investment and jobs. The UAP vows to refund enterprises that have been forced to pay this tax.

“The carbon tax was imposed by a government that does not understand business and is incompetent. They have continually been in crisis and everything they touch turns to disaster.”

Palmer said UAP election candidates and policy announcements would be rolled out over the coming weeks.