In February, Mr Palmer said his party would make a run for the next federal election in both the House and Senate, a move he confirmed on Sunday.

The Palmer United Party disbanded in 2017 after its last sitting member was not returned in the last election.

The United Australia Party name is not listed as enrolled on the Australian Electoral Commission website.

Mr Palmer, who is still facing several court actions over the liquidation of Queensland Nickel and recently had his assets frozen by a Brisbane judge, said the name change would "re-establish" the "party of choice" of Prime Ministers Joseph Lyons and Sir Robert Menzies.

The original United Australian Party was established in 1931 as a predecessor to the present Liberal Party.

It dissolved in 1941, led by Sir Robert Menzies, to become the current Liberal Party.

Mr Palmer said the name's re-emergence into federal politics would mark a "milestone" in Australian history.

“All Australians are tired of our current crop of politicians. It is time to unite the country for stronger economic growth that can restore prosperity to all our citizens,’’ he said.

To register the United Australia Party, Mr Palmer needs 500 members to join, or a sitting member of Parliament to sign up.

The Australian Electoral Commission cannot process new political party or registrations or reviews to current registrations until after the return of the writs for the five by-elections set for July 28.

Mr Palmer first entered federal politics in 2013, winning the Sunshine Coast seat of Fairfax, but did not seek re-election in 2016.

Speaking on Sunday, Queensland's Innovation and Tourism Minister Kate Jones said it was "about time the Clive Palmer Party became extinct like the dinosaurs he bought at his resort that he ran into the ground".

She questioned how Mr Palmer could afford to run a new version of his political party in a federal election, given the battle to pay Queensland Nickel's workers in Townsville.

Mr Palmer has been contacted for comment.