Enigmatic mining magnate Clive Palmer has announced he will build a luxury cruise liner named The Titanic II and run against Treasurer Wayne Swan for the federal seat of Lilley in the next election.
Mr Palmer announced he would seek Liberal National Party preselection for the Brisbane seat of Lilley, currently held by Mr Swan. The billionaire must first win pre-selection for the LNP before he can challenge Mr Swan.
"I intend to put to the test to the people of this country my views against the treasurer in his home seat of Lilley," Mr Palmer told reporters in Brisbane.
"He has been the sitting member for far too long. It's about time we get this country moving again."
Mr Palmer said he believed Australia would be better for him entering politics.
He said he was a member of the Queensland Liberal National Party (LNP) and before that of the National Party for many years and would have no problem maintaining party discipline.
He said he was a former spokesman for the National Party when Joh Bjelke-Petersen was premier.
"We had very successful campaigns in those days. In the '86 election we got 46 per cent of the primary vote here in Brisbane," he said.
"Discipline has never been a thing that I have had to worry about when it comes politically because my views are clear. Our party is clear that we want to act decisively for the benefit of all Australians."
Mr Palmer said he couldn't think of an occasion when his views had diverged from those of the LNP.
"I am happy to be a cog in the machine, just going along, doing what I can do to make the country better because we are all Australians whether we are billionaires, millionaires, whether we live in a very poor circumstance or not," he said.
"We can only sleep in one bed, we can only have one meal, we can only go out with one woman if we are sensible, if you are a guy that is. Same goes for you girls, too, right."
Mr Palmer said he has no aspirations to be prime minister.
"I think Tony Abbott is a great leader and he is someone I support 100 per cent as the next prime minister of Australia," he said.
"I don't have any aspirations beyond the seat of Lilley."
As a life member of the LNP, Mr Palmer said he had a "pretty good" relationship with the party.
Palmer, who recently had his Gold Coast A-League licence revoked by the FFA, also revealed he has established a new shipping company, Blue Star Line Pty Ltd, which has commissioned CSC Jinling Shipyard to build and co-ordinate the construction of Titanic II in China.
Mr Palmer says the Titanic II will make as little change to the original as possible.
"The only changes to the original Titanic would be below the water line including welding and not riveting," he said at a media conference.
"We have invited the Chinese navy to escort Titanic II on its maiden voyage to New York.”