Palmer, famous for building a full-scale replica of the Titanic and a robotic dinosaur park in northern Australia, said he had joined forces with the Australian Motoring Enthusiast Party (AMEP) to form a bloc that will be key to passing legislation through the upper house.
"We're one team of people working together because we've got common policies," Palmer told reporters in Sydney.
The colourful resources billionaire's self-titled Palmer United Party (PUP) won three Senate seats at the September 7 elections and he is still in the running himself for a lower house seat, with a recount under way after the initial tally was too close to call.
Together Muir, and Palmer's three senators, will have the deciding vote on proposed laws, with Prime Minister Tony Abbott's conservative government needing to secure at least six minority party votes -- including at least two of their four -- to pass legislation.
The new Senate takes effect from July next year.
Palmer sounded a warning to Abbott's chief in the Senate, Eric Abetz, who he taunted with the nickname "Erica".
Abbott countered with a caution of his own.
"I'm confident that everyone in this parliament very well understands that the new government has a clear mandate to get certain things done," he said from Brunei, where he is attending the East Asia Summit.
"And I'm confident that minor parties in the Senate understand that and will support that."
Abbott promised to work "as constructively as I can with everyone in the parliament" and said he would "treat all members of parliament with courtesy and respect, including minor party and independent members of parliament".
Palmer said his party "certainly support the Motorists' party and their aspirations for motorists in Australia", while Muir backed PUP's economic and other policies.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
