Because this question comes up from time to time, here is a brief history of what is essentially an aggressive right-wing lobby group heavily influencing the Liberal Party.
It also declares that it supports the free market of ideas, the free flow of capital, a limited and efficient government, evidence-based public policy, the rule of law, and representative democracy.
The Liberal Party of Australia was founded in 1944 by then United Australia Party (UAP) Leader of the Opposition Robert Gordon Menzies.
Known IPA policies in August 2012:
a) Lower personal income tax for residents
b) Significantly expanded 457 Visa programs for workers
c) Encourage the construction of dams
51 Privatise SBS
52 Reduce the size of the public service from current levels of more than 260,000 to at least the 2001 low of 212,784
A further 25 IPA ideas to shape Australia can be found here.