South Australian senator Cory Bernardi has said he will support the bill because it upholds free speech.
"I'm absolutely committed to freedom of speech in this country and if Bob Day wants my support he's got it," Senator Bernardi said.
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West Australian senator Dean Smith said he was "strongly considering" supporting Senator Day's revamped legislation.
Queensland Liberal senator James McGrath, a new entrant to the Parliament, is also understood to be "mulling his options".
Senator Day said he was "not surprised" by the show of support from the trio of Liberal senators and said that he would only be surprised if they did not back free speech.
He said the move would get the government "out of a jam" by enabling government senators to back their own legislation,
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"I want to help them in what they feel they can't do," he said.
Senator Day said with the legislation "all ready to go" he would seek to introduce it when Parliament resumes at the end of the month.
He said if the government granted Coalition senators a conscience vote that would "be a good start" and signalled he was working to get the support of other crossbenchers,
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However, with Labor and the Greens opposed to any change of the current laws,
True Religion Jean Jacket For Men, any vote is guaranteed to fail and the move would be largely symbolic.
Mr Abbott promised to repeal section 18c of the legislation as opposition leader after the laws were used to successfully prosecute News Corp columnist Andrew Bolt in 2011.
But he abandoned the election pledge last week because it has put ethnic communities offside.