The Queensland senator will form the Gerard Rennick People First Party to raise "bread and butter" issues that he believes need to be debated.
"I'm going to sit in the Senate for who knows how much longer," he told The Sydney Morning Herald on Sunday.
"I'd rather use that time to talk about really important issues rather than just play tiddlywinks."
Semator Rennick said the decision was nothing against Liberal leader Peter Dutton.
The new party will reportedly use Senate processes to introduce inquiries on increasing the tax-free threshold to $40,000, addressing how childcare support is structured and look at a public bank financed by quantitative easing.
Senator Rennick said he had nothing against Liberal leader Peter Dutton in his decision to quit. (Lukas Coch/AAP PHOTOS)
"After learning how the Senate works I know a bit about how it works that we can get these inquiries up and going," he said.
Senator Rennick told the SMH he was not sure if there would be party representation in other states and territories before the next federal election which is due to be called by May 2025.
He said he hopes to begin the party registration process on Monday.
Senator Rennick was kicked off the LNP's federal election ticket in July, raising an appeal that claimed there were "gross irregularities" with the process but the appeal was rejected.
He escalated the complaint to the Supreme Court in Brisbane but it was dismissed in June, with Justice Glenn Martin ruling Mr Rennick had failed to lodge legal action in time.
The decision was upheld by the LNP state council.
Senator Rennick gained notoriety during the COVID-19 pandemic for questioning the efficacy of vaccines and mandates.
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