A leading Liberal front bencher has refused to rule out the Coalition forming minority government with One Nation, in the wake of the populist party's stunning victory in Farrer.
David Farley won the byelection in resounding fashion for One Nation, the first time the minor party had won a seat in the federal House of Representatives, and broke the Coalition's 77-year stronghold on the rural New South Wales seat that was vacated by former Liberal leader Sussan Ley.
Speaking with the ABC today, Shadow treasurer Tim Wilson hinted he was open to the idea of One Nation joining the Coalition.
"My objective is to make sure that the Liberal Party is in a position to govern as strongly as possible," he said.
"Of course we traditionally form a coalition with the National Party, but it's up to the Australian people to decide who they want to vote for.
"But I can tell you quite clearly my objective is to make sure that Liberals beat One Nation candidates."
The Coalition has existential questions to face after being smashed at the Farrer byelection by One Nation and an independent candidate.
Speaking on Weekend Today, Nationals MP and former leader David Littleproud admitted the result wasn't pretty for the Coalition.
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"It's a good old-fashioned flogging, that's the reality of it," he said.
"You've got to face into it, and understand that the people of Farrer are sending a message."
Littleproud claimed it was a protest vote not just against the Liberal Party, but also against the Albanese government, and said the Coalition needed to unite behind values after deserting them following last year's landslide election defeat.
"The Coalition wanted to walk away from all its policies, and we stood for nothing," he said.
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"What happened is Pauline Hanson, a canny politician for 30 years, walked in and took up that space, and stood for much of the values we fight for."
The Liberal Party recorded 12.6 per cent of the vote in the Farrar byelection with the Nationals getting just 9.76 per cent as of Sunday morning, with One Nation leading the two-party preferred vote against Independent Michelle Milthorpe by a margin of 7.3 per cent.
Nine News political editor Charles Croucher said the decimation of the Liberal Party vote was a sign it was losing more and more of Australia, after losing urban areas in large numbers at the two previous federal elections.
"They are running out of places to start winning seats," he said.
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"It was going to be the party of the outer suburbs it clearly can't be the party of the bush anymore if that's the result that's coming in."
Croucher said the party was stuck between a rock and a hard place as forces on the left and right of politics continue to take voters the Liberal Party used to rely on for decades.
"What we're seeing is the Liberal party being stuck between this surge of One Nation on the right, the climate-minded independent, and Labor who are winning in the cities," he said.
"It's squeezing the Liberal Party, the party of Menzies, Howard, what was naturally the party of government, out of contention at all."
Treasurer Jim Chalmers made a bold prediction about the future of the Coalition, calling last night's result a "bloodbath".
"What it shows is the Coalition can't beat One Nation, so they will have to join them," he said on Today.
"It's hard to imagine a future coalition government that doesn't have One Nation in it."
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