There has been lots of discussion on this in knowledgeable circles. You already saw elements of this with Cory Bernardi. However, it's not the first time it's happened; Pauline Hanson was a Lib and KAtter was LNP was well, as was that plump buffoon, whatsis name that made his money from mining and ripping people off.
I'm nowhere near convinced that it's likely, I'd say there is a greater chance that the LNP will lose the next election (provided noting earth shattering like a 9/11 or similar happens between now and May) and the right faction in the LNP will try and use that as a springboard to take control of the party but end up getting smashed from being the catalyst to lose govt in the first place. The other, just as likely outcome is that some of those on the right in the LNP, like Abbott and Dutton, will actually lose their seat in the next election and the right will whither away on their own and the LNP will begin a drift back to the centre and One Nation will pick up the far-right of the LNP.
If Shorten doesn't completely fuck it up, I can see at least two terms for the ALP after the coming election. And that's not an attractive proposition, at all.But the LNP needs to hit rock bottom before it can become a viable alternative again.