Sussan Ley has backed a major speech by one of the Liberal Party's most senior figures who called for an end to the coalition's "apology tour".

Senator James Paterson used a speech in Sydney on Tuesday night to outline his vision for the future of the Liberals.

The opposition's finance spokesman said a split between moderates and conservatives would plunge Liberals into "permanent opposition" and entrench Labor as the natural party of government.

He urged his colleagues not to "misinterpret" their thumping election loss five months ago and said it was time to get on with developing serious policies.

"We're absolutely right to be humble after the Liberal Party's worst-ever defeat in our 81-year history," he told ABC radio on Wednesday.

"But people aren't going to vote for us at the nex

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