Clive Palmer has announced plans to enter Federal politics and challenge Treasurer Wayne Swan in his Brisbane seat of Lilley.
According to News Limited Palmer said he would be seeking Liberal National Party preselection in the north Brisbane seat, which has been held by Swan since 1998.
Palmer said Swan had been in politics for "far too long" and his challenge was aimed at getting the country "moving again".
Palmer said Swan's attack on him and his fellow mining magnates was part of the reason he'd decided to challenge the Treasurer's seat.
He said he had not yet spoken to Opposition Leader Tony Abbott about the move but the challenge was legitimate.
"This is not a stunt … it's a factual reality," he said.
Earlier this year Palmer claimed some environmental groups and mining protestors were part of a CIA plot to undermine Australia's economic performance.
He later said the claims were part of a media stunt designed to keep negative attention off Campbell Newman in the lead up to the Queensland election.
Palmer has previously given large donations to the LNP, and denied he would have to give up some of his business interests before entering politics.
He also said he had no ambition to become Prime Minister and fully endorsed Tony Abbott.
"I am happy to be a cog in the machine, just going along, doing what I can do to make the country better because we are all Australians whether we are billionaires, millionaires, whether we live in a very poor circumstance or not,'' he said.
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