The Menzies Group released its second public letter in as many days late Friday afternoon, describing the election defeat as "significant" and "slightly worse than the poor result of the 2012 election".

The Liberals looked had won 36.7 per cent of first preferences on Friday afternoon, compared to 48.6 per cent for Labor and the Greens.

The group called for a "full, honest, and in-depth review" and commit to change, saying it was the only way the Liberals would avoid another defeat in 2020.

"The review must be conducted by someone with distance from the internal operations, alliances and friendships within the Party," the letter read.

"Someone with the experience and integrity to stand up to pressure from the hard right who are already lining up to dump moderate leader Jeremy Hanson, despite their own deputy leader Alistair Coe being a driving force behind the campaign and whose allies control the Management Committee of the Division."

The Menzies Group formed after the troubled preselection battle between Zed Seselja and Gary Humphries. It has been quiet for the past three years, but re-emerged following Saturday's loss.

Mr Hanson this week dismissed the group as being a tiny minority, saying there was no split in the party. He said reports of divisions between moderates and conservatives were overblown.

The Menzies Group has called on Liberals members to send their feedback, saying it is possible that an independent review will not be conducted by the party's management committee.