Gone are the factitious comments about inflation, now we are facing "great challenge".
Why we may even have to arrange for the Australian Government to organise a US-style bail out of financial institutions.
According to The Australian:
Mr Turnbull had suggested the Government back financial institutions with liquid assets....
On Sunday Mr Turnbull said banks were finding it harder to refinance mortgages.
``In other markets, the government, particularly in the US, is taking a role, proposing to buy some of these securities, in effect to provide additional liquidity to take the pressure off mums and dads,'' Mr Turnbull told the Nine Network.
``That's something I'd like to talk to the Prime Minister about to see if we can agree on some bipartisan measures.''
If a global recession really hits then Treasurer Wayne Swann's intervention will mean little to those same mum and dads.
"I agree with those legislators in the US who say that executives of financial institutions should not be rewarded – indeed they should get nothing out of this," he said.
I never thought that I would see the day that I would become nostalgic about Peter Costello's time in the limelight - Turnbull's performance as leader makes me so.