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In Australia, the "Liberal" party is the more conservative of the two large parties. Wikipedia: "The party's philosophy is generally liberal conservatism, although it has moved rightwards since the 1980s."
In coalition with the smaller Nationals (also misleadingly named since they focus on the interests of rural communities and primary industries), the Liberals were in charge at the Federal level from 1996-2007.
All this made trying to explain to Australian schoolkids (who were trying to follow our election, bless them) what USians mean when they say "liberal" ... even more challenging. :)