The Australia's Voice party will run candidates at the next federal election, due by May 2025.
Senator Payman said the party would stand up for disenfranchised voters, but has yet to announce formal policies.
"So many of you have told me with emotions in your hearts we need something different. We need a voice. It is this cry for change that has brought us here today," she told reporters in Canberra on Wednesday.
"It's a party that's based on what Australians want and what I've been hearing from Australians. They are fed up of the major parties, the two major parties playing politics and being afraid of making any form of progressive reform."
Senator Payman, who was elected as a Labor candidate at the 2022 election, quit the party in July over differing views on Palestine.
She has since served in the upper house as an independent.
Independent Senator Fatima Payman says there's been strong interest in the new party. (Mick Tsikas/AAP PHOTOS)
Prime Minister Anthony Albanese previously called on her to hand the seat back to Labor.
Senator Payman said there had been interest from people putting their hands up to run as a candidate under the Australia's Voice banner.
"Australia's Voice is for each and every person, and we welcome candidates," she said.
"We've already received so much interest from disenfranchised Labor candidates, former Labor candidates, we've had people from the National Party reach out and express interest."
22°C