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The Liberal Party of Australia (LPA) was founded in 1944 by Robert Menzies, with its formal launch in August 1945. Menzies became the party’s inaugural parliamentary leader and the first Liberal prime minister in 1949. The Liberal Party succeeded the United Australia Party as the major non-Labor party in Australian politics.

Source

Hancock, Ian. 2007. ‘Liberal Party of Australia.’ In The Oxford Companion to Australian Politics, edited by Brian Galligan and Winsome Roberts. South Melbourne, Vic.: Oxford University Press. Accessed 28 January 2014. http://www.oxfordreference.com/view/10.1093/acref/9780195555431.001.0001/acref-9780195555431-e-205.

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