The Liberal Party is heading towards a looming federal election short of cash, with prominent MPs and marginal seat holders struggling to secure the millions of dollars needed to mount an effective campaign against Labor.

The Coalition could also enter the contest without a personal contribution from its biggest political donor - Malcolm Turnbull - who in 2016 donated $1.75 million of his own money but would not do the same should he be dumped as Prime Minister before the next election.

As leadership turmoil engulfs the Coalition government and speculation grows that an election could be called soon after any leadership switch to Peter Dutton, one senior Liberal described the party's financial situation as "parlous".

Fairfax Media understands Liberal MP Craig Kelly - one of the chief agitators behind this week's dumping of the National Energy Guarantee - has contributed just $5000 of a $75,000 fundraising target his electoral conference was expected to provide to head office this term.

Mr Kelly, who is also facing a factional challenge from NSW Liberal vice-president Kent Johns in his southern Sydney seat of Hughes, had $34 in his electoral conference bank account at the end of July, according to party sources who have been briefed on the figures.