Mr Palmer recently lost his bid to register his United Australia Party for the upcoming federal election and has joined the new party as chairman.
He said the party would adopt many of Mr Trump's policies including the establishment of an Elon Musk-inspired team to review "government waste".
"Trumpet Patriots will put Australians first and make Australia great again," Mr Palmer told a press conference at Parliament House in Canberra on Wednesday.
"We still have a democracy in this country, although the uni-party (two majors) wants to close it down."
The Trumpet of Patriots party was first registered under a different name with the nation's electoral commission in 2011, before getting a final revamp in 2024.
Former Palmer United Party candidate Suellen Wrightson was announced as the "prime ministerial" candidate for the federal lower house seat of Hunter.
Despite not announcing policies at the launch, Mr Palmer said the party would target the cost of living, housing and government spending, in addition to adopting the same stance as the Trump administration on trans issues by only recognising two genders as female and male.
Also drawing on concerns about immigration levels, Mr Palmer said too much of it destroyed infrastructure and communities and the country should be for "all Australians living here".
The billionaire splashed $123 million on the 2022 federal election which resulted in one representative elected to the upper house - United Australia Party senator Ralph Babet.
Ms Wrightson said Senator Babet, whose term is not up this election, would not join the party.Â
She pointed to Mr Trump's more isolationist approach as doing something "very, very good for the American people".
"Australians are going hungry, they can't afford to pay their rent and we've got people sleeping on the streets, we have got to turn our attention to Australians and have lesser focus on international affairs and international aid," she said.
Asked if he would be running at the election, Mr Palmer said he was "too old".
In a slip, Mr Palmer misspoke and incorrectly referred to the party as the "trumpet of parrots".
Asked if he would spend more money this time than the previous election, Mr Palmer said "whatever is required to be spent, it will be spent".
On how the party would preference at the election, Mr Palmer said it would do what's best for the country.
He would not rule out challenging electoral reform in court, on which he said the two major parties had teamed up to lock out smaller competitors.
Prime Minister Anthony Albanese said the amount of money spent by Mr Palmer was a "distortion of democracy".
"A bloke who spends over $100 million to deliver one Senate seat with a bloke who sits in the corner and just engages in conspiracy theories, I don't think, represents value for money," he told reporters.
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