Clive Palmer’s United Australia party appears to have failed to win a single seat in federal parliament, after the billionaire spent an estimated $60 million on election advertising.

Palmer ran candidates in all lower house seats, winning a total of 3.4% of the national vote. In Queensland, where Palmer himself was considered a strong chance at winning a Senate seat, the UAP was well short of the quota, and fell similarly short in other states.

But many strategists believe Palmer’s millions still had an impact in shaping the election result, particularly in his home state of Queensland where the bright yellow advertising was often negative and aimed at the opposition leader, Bill Shorten.

Palmer even took credit for the Coalition’s election win.

“We’ve saved Australia from a trillion dollars of extra taxes and costs,” he told reporters at a function in Townsville.

.@CliveFPalmer takes credit for a Coalition election win: "I've saved Australia from an extra trillion dollars of taxes". Live coverage now on @Channel7 and streaming at https://t.co/b3nAU1J7dw #ausvotes #7NEWS pic.twitter.com/waiWVbLePV — 7NEWS Australia (@7NewsAustralia) May 18, 2019

Labor’s foreign affairs spokeswoman, Penny Wong, told the ABC: “The majority of negative ads about Labor were run by Mr Palmer”.

“It doesn’t look like he’s going to get a seat himself.”

Palmer’s campaign began last year, when his yellow “Make Australia Great” billboards began blanketing Sydney and Brisbane.

The billionaire had sought a return to federal parliament, after a term representing the Sunshine Coast seat of Fairfax, which he won in 2013.

The first iteration of the Palmer United Party collapsed, alongside Palmer’s financial fortunes. In 2016, the year he left Parliament, Palmer’s Queensland Nickel refinery went into liquidation, owing about $300m to creditors.

Palmer’s return to political life came after a reversal of his personal fortunes. It has included the mining magnate adopting a bizarre social media persona and releasing a mobile game. His campaign was remarkable because it featured almost no media appearances and little policy.

During the final week, Palmer was spotted holidaying in Fiji. Queensland Nickel workers were told to sign a gag clause in exchange for their unpaid entitlements.

At polling booths on election day, volunteers were paid $27 an hour to hand out how-to-vote cards. They were given employee forms for Palmer-owned company Waratah Coal to fill out to be paid.

ABC election analyst Anthony Green estimated Palmer had spent about $1,500 per vote, though noted he would receive $2.75 per vote back from the AEC.

Here’s how UAP volunteers get paid. $27 an hour 7am-7pm pic.twitter.com/1cWu2HrdxN — Ben Smee (@BenSmee) May 18, 2019

Palmer’s share of the vote in 2013 was 5.49%, and 9.89% in Queensland, was enough to win a single seat in the lower house and two in the senate.

Six years later, Pauline Hanson’s One Nation has re-emerged to capture disgruntled voters in Queensland. One Nation outperformed United Australia in most electorates it contested. Its Queensland senate candidate, Malcolm Roberts, will likely take the final spot and return to the upper house.

In his concession speech, Shorten said Coalition preference deals with One Nation and Palmer had hurt Labor’s vote in Queensland and NSW.