"Mr Turnbull was masquerading as a conservative," he said, adding that Prime Minister Scott Morrison was a "decent, honest, sincere guy".
Mr Farage told SBS News that Australia's immigration policy was "very sensible".
"You do it according to what skill sets you need in what sectors, it all makes sense ... The basic principles of the Australian system are the right ones," he said.
"The difference with the UK is we went from net migration of 30,000 per year, which we had for about 60 years, to 300,000 a year and we wonder why our roads are full and why our hospital waiting times have gone up ... We need to use similar principles to Australia," he said.
"There is this strain of globalist argument that says we're all global citizens and there should be a total free movement across the world. It doesn't work and it's not what people in a democracy want."
Mr Farage also issued a warning to new UK Prime Minister Boris Johnson to get the UK out of the EU by 31 October.
"I say deliver or die," he said.
He said panic over a no deal Brexit was overblown.
"Business will adapt incredibly quickly... A no deal Brexit gives us the opportunity to become a lot more competitive than our European neighbours."
Turnbull is 'a snake'
Mr Farage was greeted by a standing ovation as he took the stage to deliver the keynote address at CPAC on Saturday morning.
He said the Coalition's surprise election victory was a result of ousting Mr Turnbull, calling him a "snake" who "hijacked" the Liberal party.
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