Collectively the parties hold just one seat at a federal level - the electorate of Hughes held by Craig Kelly, who was elected as a Liberal candidate until he resigned to sit as an independent before joining Clive Palmer's UAP.
The parties announced a straight preference deal on Tuesday, in which they will direct their voters to list the other as number two on the ballot paper.
The Liberal Democrats are looking to former Queensland premier Campbell Newman for a return to electoral success, as the ex-LNP politician attempts a return to public office via a senate tilt in the sunshine state.
He shares a turbulent past with Mr Palmer who targeted him during his time as premier, but the pair say they've moved on.
"Who would have thought this day would have ever come Clive?," Mr Newman said at a joint announcement on Tuesday.
"What we've said about each other in the past doesn't matter one brass razoo, it's about going forward together."
The pair hope to work with other like-minded minor parties, and Mr Palmer said his campaign would target every electoral seat rather than individual politicians.
He spruiked his political connections and said UAP now has more than 80,000 members.
"I've met Peter Dutton, he's had breakfast with me this year, he's quite friendly ... same with people on the Labor side, I know them individually," Mr Palmer said.
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