Clive Palmer declares himself a living national treasure after taking swipes at Rupert Murdoch on Studio 10. Courtesy: Studio 10, Network Ten

“I’M a living national treasure”.

That’s what Clive Palmer declared to Australians on morning television.

The Federal MP was not at all fazed by stinging criticism from Tony Abbott, who believes he’s “spending money like a drunken sailor” and attempting to buy seats at this Saturday’s Senate re-run in Western Australia.

Instead Mr Palmer deflected questions to argue WA doesn’t pocket enough GST revenue and to claim the Prime Minister has earned himself a nickname around the Cabinet table.

“Tony Abbott … is called WTF at the moment. That means worse than Fraser,” he told Channel Ten.

“That’s what his ministers call him and you know we need to get this country going again.”

The PUP Leader talked up his achievements in earning the “balance of power in Australia”.

“Tony Abbott got elected on our preferences, you’ve got to remember that,” he claimed.

Mr Palmer rejected suggestions his aim for the WA Senate re-run is to gain power to disrupt the government’s business.

But given his big advertising spend, The Australian’s Sharri Markson asked the MP if he was running out of money.

“No, I’m not, I’ve got more money than you,” he hit back.

“I’ve got no debt,” Mr Palmer claimed, running through his assets including the Queensland Nickel refinery and Coolum resort.

“I’ve got 490 billion tonnes at the Galilee, I don’t owe any money on that.

“I’ve got 160 billion tonnes of iron ore in Western Australia, I don’t owe any money on that.

“I’ve got a large petroleum deposit up in New Guinea, I don’t owe any money on that.”

The MP took repeated swipes at Rupert Murdoch, slamming a story published in The Australian yesterday about the carbon tax bill for his company Queensland Nickel.

“Mr Murdoch has done more for this country than you have,” Ms Markson said.

“We know you’re crawling a little bit. Why don’t you crawl a bit further. I mean, the point about it is, I’m a living national treasure,” Mr Palmer said, to cries of laughter.

Tony Abbott yesterday criticised Mr Palmer for a massive advertising blitz in WA.

“The people of Western Australia are smart, savvy people and I don’t believe that they are going to allow themselves to be bought,” the PM told reporters.

“I don’t believe that the people of Western Australia are going to put seats in the national parliament up for sale, which is effectively what someone is trying to do — he’s out there trying to buy seats in the Parliament and that’s something that I don’t think the people of Western Australia will fall for.”

But Labor has warned Mr Abbott’s attack could backfire on him during negotiations with the Palmer United Party down the track.

“I suspect they will rue the day they did that because come July 1, they will be in bed with Clive Palmer,” Labor frontbencher Jason Clare told Sky News.

“I think Tony Abbott’s judgment in attacking Clive Palmer is probably a bad mistake on his part and he will live to regret that.”