But this is not the real news. What is now shaping up is a coherent, viable fourth force in Australian politics. The wild-card buffoonery of Palmer, lampooned for his dinosaur theme park and a 21st century remake of the Titanic, has melded into a sharp political spear.
Palmer's budget-in-reply speech, a brutal dismemberment of the Government's claim to a deficit and debt crisis, signalled the new coming.
PUP has another significance. The Government and Labor have banded together to develop new electoral rules that would effectively crush micro-parties.
When these new rules come into force PUP, with its established presence and Palmer's deep pockets, is likely to be the last of the small start-up parties. It could attract even larger numbers of disenchanted voters.
PUP is also extending its influence into the states and territories. It holds two seats in the Queensland Parliament. In the Northern Territory, three indigenous MPs quit the ruling Country Liberals and joined PUP, followed by other CLP officials.
None of the larger parties can expect an easy ride. A former prominent National Party official in Queensland, Palmer now loathes both Coalition parties. Nor has he any time for Labor or the Greens.
His early eccentricity and clownish antics have yielded to an astute politician honed by skills learned as one of Australia's wealthiest businessmen. His vast financial reserves are underwriting PUP's expansion.
Some policies remain blurry at the edges, but increasingly PUP's key targets have been clearly defined. Most promote the welfare of the poor, vulnerable and disadvantaged, making Palmer an unlikely but effective voice of the people.
His budget reply speech and numerous radio and television interviews revealed the new Palmer, balancing a devastating barrage against the Government with a list of positive proposals. He hewed into Abbott's "fairytale" of a debt crisis, using OECD data to show Australian debt as a fraction of that of other advanced economies, and public spending half that of comparative countries.
"We must stand for more than money," he said "Gross domestic product doesn't measure any of the things that make life worth living. [Australia] is much more than an economic formula. It's people."
In the Senate, PUP will oppose key budget measures including plans to strip the dole from under-30s jobless for six months, a A$7 ($7.50) tax on GP visits, higher university fees and changes to age and other pensions.
His three senators-elect are political neophytes yet to be tested in the parliamentary mosh pit. Glenn Lazarus, from New South Wales, is a league legend. In Western Australia, Dio Wang was managing director of minerals group Australasian Resources, majority owned by Palmer.
In Tasmania, Jacqui Lambi, a former transport management and military policing specialist in the army, has carved out an aggressive media presence. During a panel appearance on the ABC's Q&A programme, she blindsided Human Services Minister Marise Payne and former Labor Finance Minister Penny Wong, who had clearly expected an easy ride.
National polls show PUP is leeching voters away from both Labor and the Liberals.
By shifting more towards the centre Palmer wants to attract more conservative support and capitalise on the fury that has descended on the Government.
Palmer is confident of the strategy, promising to field candidates in all Lower House seats if Abbott carries out an earlier threat of a double-dissolution election.
"If there is a double dissolution election," he said, "we will see Australians turn against the two major parties."
