Minority governments play strange tricks on the mind. In Europe, individuals whom the public had always assumed loathe each other frequently hop into bed together. The Social Democrat leader Nick Clegg enjoyed a weekend flirtation with Labour's Gordon Brown before abruptly deciding to offer his virtue to the Tory David Cameron. From a business angle, it made more sense. Clegg, a classic latte-sipping lefty, is now the Deputy Prime Minister of Margaret Thatcher's old party. Does the relationship work? Apart from a few petty domestic brawls, the romance is going gangbusters. The climate change issue and its troublesome offspring the carbon tax are strangling the life out of Labor. Gillard's ''damned if I do and damned if I don't'' quandary was only ever going to be resolved if she could persuade a majority of the electorate that the carbon tax would genuinely tackle climate change. She failed.

By panicking and throwing other issues into the mix (wealth redistribution, who-gets-what-compensation, renewables) the ''sell'' became confused, with the voters being offered a mish-mash of irrelevant reasons why they should buy her tax. So, like a showbag thrust in your face crammed with stuff you don't really want, the punters are responding with ''not today, thanks''. But ''not today'' doesn't mean ''not ever''. With the same polls that tell us Gillard and her tax are on the nose also telling us that climate change remains an issue of popular concern, the opportunity is ripe for a credible and inspiring Labor leader to re-shape the issue. Someone not beholden to the Greens, someone with solid business acumen untarnished by the Building the Education Revolution and pink batts fiascos, and above all, someone who can steal votes back from the many ''wet'' Liberals uncomfortable with Abbott's brutal scepticism. Someone, for example, who could convincingly tie opposition to the carbon tax to Labor's beloved class struggle. Like this: ''There has been a very effective campaign against the science of climate change by those opposed to taking action to cut emissions - many because it is not in their own financial interests - and that this has played into the carbon tax debate.'' Beautifully put, Malcolm. Labor hardheads would sell their grandmas to have such an efficient and eloquent communicator on their team. Turnbull remains high in the opinion polls as preferred Leader of the Opposition. Polls are the gold standard by which Labor judges success. Gillard is bankrupt. Turnbull is loaded.

Moreover, Turnbull's Labor credentials, as was pointed out in great detail recently by Bob Ellis, are impeccable. He fought valiantly for the republic, is as passionate a climate change believer as you will find this side of Newtown, and despite his staggering wealth boasts a strong working-class pedigree. Labor, as Ellis the insider makes clear, would have no problem taking him on board. But would Turnbull want to? Funnily enough, it would probably be easier for him than trying to win back the Liberal leadership. The more Turnbull shows of his own true colours, the more the right of the Liberal party rails against him; the Menzies House website labelled his speech ''The return of treacherous Turnbull''. Not a lot of love there. ''Let me say straight up that the question of whether or to what extent human activity is causing global warming is not a matter of ideology … or of belief. The matter is simply one of risk management,'' he said during that speech, cunningly conflating his own renowned business skills with advocacy for the carbon tax. This wasn't a speech aimed at confused Liberals. This was a message to the soul and brain of Labor: ''Got a carbon tax to sell, guys? I'm your man.'' If Turnbull were to jump ship, many problems would simultaneously be solved. First and foremost, the prime ministership would be back within his grasp (which is, after all, his sole ambition). Deliciously, it would also put him in a position to savagely attack Tony Abbott, an opportunity for which he is clearly salivating. And above all, it would allow Turnbull some sleep at night over the one issue that genuinely seems to trouble his conscience. And for Labor? The opportunity to retake the moral high ground on climate change, rejig its emissions scheme, shrug the Green monkey off its back, consolidate the independents (Rob Oakeshott was gushing over Turnbull's speech), give Kevin Rudd the finger, and put Gillard back where she is best suited (running school staffrooms and kindergartens).

Oh, and it would also give them a pretty good crack at winning the next election. Sounds like a sound business decision to me. Rowan Dean is an advertising creative director and a panellist on ABC TV's The Gruen Transfer. Follow the National Times on Twitter: @NationalTimesAU