The party was founded in May 1988 as a successor to the Political Reformation Council of Australia.

[1] Their first candidate was Stan Germaine, who received 280 votes at the 1992 Wills by-election.

[2][3] The FPA was deregistered on 6 February 1997 after failing to endorse candidates at elections for four years.

[1] The party initially remained active, including a plan to contest the 2019 federal election which did not eventuate, but faded away soon after.

[4] Policies included introducing optional preferential voting for elections in the House of Representatives (replacing compulsory preferential voting).