Gold Coast-based former MP and billionaire Clive palmer deregisters Palmer United Party

THE dream is over — Clive Palmer’s political party will disband and the Gold Coast-based billionaire has retired from politics.

Clive Palmer. (AAP Image/Dan Peled)

THE dream is over — Clive Palmer’s political party will disband and the Gold Coast-based billionaire has retired from politics.

The Palmer United Party (PUP), formed to fight the 2013 and election, will be deregistered, nearly a year after its last sitting parliamentarian was ousted.

In a statement this morning, Mr Palmer announced the party’s registration would be cancelled.

“Australia has a strong democracy and minor and major political parties have an important role to play. Palmer United demonstrated that in the 44th Parliament,’’ he said.

“I would like to thank the members and thousands of Australians in every state of the Commonwealth who have supported the party and its candidates during the last four years.

PUP briefly held the balance of power in the federal Senate.

Independent Tasmanian Senator Jackie Lambie, who was originally elected as a PUP member before quitting remains in parliament.