He studied arts and law at the University of Melbourne's Trinity College, and was admitted to practice as a solicitor in 1928, joining the Ballarat firm R. J.

[2] In February 1942, whilst retaining his seat in parliament and the party leadership, Hollway enlisted in the Royal Australian Air Force.

The UAP was brought under the Liberal Party of Australia banner in 1945 and Hollway became the inaugural leader of its Victorian division.

His proposal was called the "two-for-one system", where each of Victoria's 33 federal electorates would be divided into two for the purposes of the state's lower house elections.

He dismissed criticism of his negotiations with Labor with the assertion that his plan was for the good of the community, and transcended party politics.

The accusers included the Speaker, Sir Archie Michaelis, who said that he had been offered the post of Agent-General and immunity from opposition at the next state election.

[9] Norman requested that McDonald immediately establish a Royal Commission to investigate the charges, although John Cain and the Labor Party made an unsuccessful bid to have a parliamentary select committee review the allegations.

[10] On 27 October 1952, Sir Edmund Herring adjourned the royal commission indefinitely, due to a legal technicality raised by Hollway's counsel, Eugene Gorman: Hollway had raised a writ for libel against The Age newspaper for claims made while reporting on the bribery allegations.

In October 1952, the Labor Party moved to defeat the McDonald government by working with two of Hollway's supporters in the Victorian Legislative Council to block supply in the upper house.

[12] Labor then informed the Governor that they would only grant supply to a minority government led by Hollway, and McDonald resigned as Premier.

On 23 October, Governor Brooks granted Hollway a commission to form a minority government with the seven former LCP members who supported him, with the backing of the Labor Party on confidence and supply.

On the same day, Hollway and his supporters formalised their grouping, forming the Electoral Reform League to run as a party in the December election.

In later life he suffered from cirrhosis of the liver and died of a cerebral haemorrhage on 30 July 1971, 64 days short of his 65th birthday.