The Liberal Party of Australia has a disfigured history when tracing its roots. While the Australian Labor Party can, like some old noble family, trace it roots back to Federation politics in the 1900s/1910s, the Coalition is mainly the child of arch-conservative, political giant Sir Robert Menzies (Sir Bob/Pig Iron Bob perhaps being more popular names!).
Sir Robert Menzies is the father of the Liberals, and was and is beloved by many in Australia. While his efforts in the early Vietnam War and his communist hunting are perhaps decried more at the time - it Menzies who founded the LPA.
The Libs have always been conservative since Menzies founded it back in the 1940s, but at the time they have stood on a creed which is described as the 'Liberal creed', and ties in with the famous Menzies claim that they Liberal party will appeal to the 'forgotten people' of Australian politics - i.e. the middle class of Australia, who would sweep through Australian politics and morph the landscape dramatically over the next five decades.
While Menzies, and his successors such as Malcom Fraser and John Howard were all definitively conservative in the scheme of Canberra politics - the term 'Liberal' party finds its roots in this 1945 'forgotten people' foundation. For the creed and the party was appealing to humanity, and its basic principles, rather than making a specific political statement of its intentions.
I think the best summary is how my university professor taught us in our first year. This was during the initial lesson on 'liberalism', mind you - and it was said that there were two types of liberalism in Australia. 'Little l liberalism' - being the 'classical liberalism' which finds it roots in the French Revolution - and 'Big L Liberalism', which is the conservative ideals of the Liberal Party of the Australia.
So, in summary; the Coalition was/is a proponet of classical liberalism but in the modern era subscribes to modern conservatism.
[Some resources explaing how the Coaltion is classical liberal from the leaders themselves; Sir Robert Menzie's 'Forgotten People' 1942 speech ; Ben Chifley's 'Light on the Hill' 1949 speech ; [Senator George Brandis's article on classical liberalism in the Liberal Party] (http://www.theaustralian.com.au/opinion/we-believe-the-liberal-party-and-the-liberal-cause/story-e6frg6zo-1225791120808) ; John Howard's 'Sir Robert Menzies' 1996 classical liberalism speech].