https://www.theage.com.au/politics/federal/the-liberal-party-is-teetering-on-the-brink-of-extinction-20180823-p4zzbb.html
Very good article written by Cate McGregor in the Age today about longer term trends within the Liberal Party. I tend to agree with a good portion of this article. There is less and less in common between the moderate and conservative wings of the party and longer term, I think it's conceivable that they will split. Perhaps in hind site, Corey Bernardi splitting to form his own party was the start of this process. The question I'd have though, is whether the conservative political forces would ever form a united force - or many splintered groups.
Because, despite cliches and caricatures often put forward to describe conservatives, there is a very wide ranging spectrum of the types of conservatives that exist. For example, Rachel Carling-Jenkins who sits in the upper House in Victoria was originally elected under the DLP banner, defected and joined Corey Bernardi's party, but that relationship didn't last long and she's now an independent. She is a VERY different type of conservative than a Bernardi or Dutton. Obviously she has very conservative views on certain social issues, but at the same time, has a very strong focus on social justice, such as looking after the vulnerable, such as the poor, elderly, disabled, refugees etc. - to me she seems very stereotypical of the traditional DLP types who split from the ALP (I suppose they see themselves living the charitable Christian ethic). I can't ever see such divergent conservative groups uniting.
In saying that, I don't see the ALP as an overly unified force. There is quite a fracturing between the left and the right of the party. As Waleed Aly commented in one of his critiques a year or so ago. The current party makeup is not really representative of current societal realities. If you were starting from year zero now, the historical legacy parties we have now, would not exist. More likely, the right of the Libs would join various splintered right wing and conservative groups. The left of the ALP would join forces with the moderates of the Greens and the radical left of the Greens would form their own splintered Marxist type groups. You are then left with the moderates of the Libs and the right of the ALP to form a broad based centrist party.