Mother put on party -- there's wine! (5)
I believe the answer is:
macon
'wine' is the definition.
(macon is a kind of wine)
'mother put on party' is the wordplay.
'mother' becomes 'ma' (ma is a kind of mother).
'put on' is a charade indicator (letters next to each other).
'party' becomes 'con' (abbreviation for Conservatives**).
'ma'+'con'='MACON'
'there's' acts as a link.
(Other definitions for macon that I've seen before include "Dry white Burgundy wine" , "red" , "Variety of Burgundy" , "Drink" , "French wine district" .)