I'm not too well-read at Australian history - was Liberal really a party in favour of individualism and classical liberalism before John Howard shaped Liberal with his social conservatism?
I'm not actually sure. I think it started off to be classically liberal, which enticed the business world into voting for them. The perversity being that as their ties with the business world grew, so did their perceived obligations to the business world. Which, I'm sure we'll both agree, is not a great thing. I think it may be why tariffs were so high for so long.
Socially, though, I'm also not 100% sure. I think the liberals have always been on the conservative side, possibly due to religious links, which are an important demographic (and probably attracts many people affiliated with religion to the Liberal Party). I remember reading an article which talked about how traditionally Catholics voted Labor and Protestants voted for the Coalition for whatever reason, but now both tend to vote for the Coalition. Also, I don't think there's been any stage in Australia's history where the Liberal Party has been for a Republic, whereas Labor has been heavily Republican since (and arguably, because of) Whitlam. So, maybe the perceived ties with Mother England that have continued (though not so much today, I suppose) have also made the Liberals tend towards social conservatism. Further, the National Party is quite conservative, so their tie with them probably heightens the natural level of conservatism.