Price is a long-time resident of Santa Christina, though she was born in Lylecity to an Anglo-Irish father and a Scottish mother. Price entered the Senate in 1997 as a Labour Senator, and joined the new Liberals in 1999. She was, and still is, a member of the Left-wing faction of her party. A long-term backbencher, Price gained national prominence in 2004, when she ran against Geraldine McLean for Liberal preselection for the seat of North Birmingham, arguing that McLean was a "carpetbagger" and did not live in the seat, wheras Price did. McLean won preselection and then the seat at the by-election - Price was shortly thereafter made a Parliamentary Secretary before being appointed Minister for Health and Social Services in 2005. Ironically, Price was elected to the House of Commons that same year by running for preselection in a safe LDP seat, Cheltenham, in which she was not legally resident. Price attracted much criticism for this action.
In the Liberal Democratic leadership contest of 2005, Price, along with fellow ministers Zoe Parker and Xavier McLaren nominated to replace Campbell Rhodes as Prime Minister. Price failed to win enough votes to win a place in the second round of balloting.
Following the party's election loss, Price was considered as a potential leadership candidate but did not run. She was subsequently appointed to the Shadow Cabinet as Shadow Minister for Industry and Business.