As the defection of Senator Cory Bernardi from the Liberal Party raises the prospect of an historic split in the major non-Labor forces in Australian politics, the big question is: what kind of power and funding can he muster?

In spite of public complaints from former prime minister Tony Abbott that factional warlords led by lobbyist Michael Photios had a vice-like grip on the Liberal Party, pre-selection and other reforms have not been forthcoming.

And for Senator Bernardi, the party’s ‘broad church’ membership strategies appear to be too broad, to the detriment of his brand of conservatism.

Daily Telegraph political reporter Sharri Markson has reported that mining magnate Gina Rinehart was bankrolling Australian Conservatives.

But in an email to The New Daily, Sophie Mirabella, communications director for Hancock Prospecting, issued a statement on behalf of Mrs Rinehart: “I know Senator Bernardi as both a man of great principle and great friend, who has Australia’s interest at heart. However, speculation that I have funded his new political venture is not correct.”

Note the past tense.

Mrs Rinehart is a regular donor to the National Party and has immediate access to Mr Turnbull and deputy PM Barnaby Joyce. Until it is a registered political party, Australian Conservatives (currently an unincorporated entity) does not have to report donations.

The relationship between Senator Bernardi and South Australian Liberal stalwart Nick Minchin is significant. Liberal informants told The New Daily that although he was a mentor and friend, Mr Minchin, a sworn enemy of Malcolm Turnbull and currently Australia’s Consul-General in New York, would be unlikely to endorse any breakout from the Liberal broad church. We await a clarifying statement from Mr Minchin.

Election returns just posted show Senator Bernardi enjoyed $92,226 in donations from 731 donors. Their identities are not known because individual donations came in under the current disclosure threshold.

Such a high level of donations directed personally to an MP is notable. Usually donations go to the party organisation.

Although many donors will be lost because of a belief that Senator Bernardi has betrayed the Liberal Party, others may fill the void.

The recent Palmer United Party phenomenon, in which Queensland industrialist/developer Clive Palmer contentiously spent $11 million to win senate seats in the last Parliament, indicates that Australian Conservatives will need a lot more hard cash to get anywhere in Australia’s preferential voting system which favours the established major parties.

Although Senator Bernardi has promulgated his Australian Conservatives lower immigration, small government manifesto on a website, the party has yet to be registered with the Australian Electoral Commission. Senator Bernardi claims he has more than 50,000 “subscribers”.

If this is true, then party registration, which needs a certified 500 enrolled voters, should be easy.

The fledgling party is headquartered at a million-dollar Adelaide property and operates Conservative Leadership Foundation under CPAC Holdings, a company controlled by Senator Bernardi’s wife Sinead.

The organisation’s aim is to mentor young conservatives in business, media, academia, politics and non-government organisations.

Will Christensen follow?

Unless Prime Minister Malcolm Turnbull can improve his position in the polls, there are divisive issues this year which could indicate “the show’s over”.

That was a quote from LNP Queensland MP George Christensen when asked what he would do if the Coalition’s current plebiscite-first policy on same sex marriage was abandoned.

MP George Christensen says “the show’s over” if the Coalition’s changes its position on gay marriage. Could he jump ship? Photo: AAP

The context was well sourced reports that some Liberal MPs have been caucusing, with the suspected covert support of the Prime Minister’s office.

The MPs are preparing to cross the floor when a bill is presented to the House of Representatives to amend the Marriage Act. This would expediently remove the controversy from the Labor/Greens’ exploitable agenda at the next federal election. A majority of Australians support same sex marriage.

But such duplicity would be too much for Mr Christensen, who may also depart the LNP for this or other reasons, leaving the Turnbull government in minority status. Others may follow.

Hence Mr Turnbull’s aggressive new self is on display over electricity supply, household costs and his recent character assassination of Opposition Leader Bill Shorten.

Coincidentally, Mr Christensen is unmoved by media depictions of his friend Senator Bernardi as a Liberal rat. They were both scheduled to front a fund raiser for the anti-Islamic ‘Q Society’ in Melbourne on Friday.

Senator Bernardi could be what he said he is: a man of honour and principle. But with Pauline Hanson’s One Nation showing racism, bigotry, protest and protectionism can be rewarded at the ballot box, there may be little room left for honour and principle.