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Turnbull says new centre-right party could emerge as Coalition confronts dual threats

The former prime minister says a new party is 'certainly possible' as polling suggests a depleted Coalition party room is now bleeding votes to its right flank.

Malcolm Turnbull and Liberal leader Sussan Ley in parliament last week. AAP/Lukas Coch.

Former Liberal prime minister Malcolm Turnbull has flagged the rise of a new centre-right political party, as new polling shows the Coalition now faces a rising threat from Pauline Hanson's One Nation.

Successive electoral thrashings have sparked existential questions about the Liberal Party’s future, including speculation of a split from the Nationals — or a split between moderate Liberals and their conservative colleagues.

Speaking to Capital Brief this week, Turnbull warned the moderate wing of the Liberal Party was now so depleted that a breakup of the party was a non-starter.

“The right wing element has taken over the Liberal Party, so I don't think there's much left to split off,” Turnbull said.