Many had expected a new activism on the issues Turnbull had long been associated with, but it grew increasingly clear that he represented status quo instead. Prime Minister Malcolm Turnbull, pictured with Treasurer Scott Morrison, said his party would preference Labor ahead of the Greens. Credit:Andrew Meares The Sydney artist Michael Agzarian made a poster to capture the sentiment. In the manner of the stylised stencil design of the famous Barack Obama "Hope" poster, it carries Turnbull's face and a one-word caption: "Fizza". Said Agzarian: "I got depressed as the months went on and he didn't do anything I thought he might do." Or, as Labor's Anthony Albanese puts it: "I'm seeing Malcolm Turnbull but I'm hearing Tony Abbott."

Turnbull's government lost a commanding lead of 57 per cent to Labor's 43 per cent of the vote in November. Former prime minister John Howard and wife Janette with Malcolm and Lucy Turnbull. Credit:Andrew Meares It is now locked in a 50-50 clinch with Labor. He was asked to address this disappointment factor in the leaders' debate two weeks ago, and in media interviews since, but has failed to deal with it. Malcolm Turnbull portrayed in a street poster by Michael Agzarian. Credit:James Brickwood

"All too often" he says in an interview with Fairfax Media, journalists have asked the question "and when I've asked the cause of this disappointment they've been unable to provide me particulars, which makes it a bit hard." So, provided with three particulars in the interview – climate change, same sex marriage and the republic – Turnbull concurs that "those are the three issues that are often raised" with him by voters. And? "If those are the three issues, my position has not changed" on any of them since taking the prime ministership. He goes through them one by one. Starting with the republic, a campaign he once led, he says: "I remain committed to Australia becoming a republic," but he supports holding a referendum only "when we can win". He suffered a loss on the question at the 1999 referendum, and he's not seeking to lose again. He has often said since that the time to revisit the question will be when the Queen's reign comes to an end. "I haven't changed my position one iota."

And same sex marriage? "Everyone, I think, understands that I inherited a government position that there would be a plebiscite. Whatever you may say about it, it is a thoroughly democratic process. I didn't want it – it's not part of our traditional parliamentary process." Indeed, Turnbull preferred a free parliamentary vote for government MPs and senators. But he was on the losing side of the argument when the then prime minister, Tony Abbott, called a surprise party room meeting on the matter. "I was not a supporter of a plebiscite but it was the position the party room adopted and the government adopted. And once you give an undertaking to people that you'll have as much say in this as I will – 'I'll have one vote, you'll have one vote' – how can you take that away? "I know elite opinion doesn't agree with me," he says, but nevertheless, "I'm totally confident that it'll be carried and I will vote yes." Labor, says Turnbull, is "trying to create the impression that I've gone back on my position – I haven't."

The third area where Turnbull has long campaigned for more action is on containing climate change. He lost his post as leader of the Liberal party in a principled stand on the issue in 2009. Abbott led a conservative revolt against him and took the leadership. Abbott's policy of so-called Direct Action was "fiscal recklessness on a grand scale" Turnbull once said. But here, too, he asserts that "my position hasn't changed". How so? Because the government's current suite of climate policies is a big advance on Abbott's original Direct Action, he says. He reiterates that the greenhouse effect is real and man-made but "the real question is what do you do about it? "What matters to us is that we reduce emissions, in the most efficient way and at least cost. We have now a set of measures well beyond Direct Action when I ceased to be leader. "We are going to meet our 2020 target comfortably."

And the bigger target, a 26 to 28 per cent reduction by 2030? "At the present time I'm satisfied that we can meet it with current suite of policies, recognising that we always have the option of buying international permits. But we are going to review [our policies] next year." The Paris agreement struck last year is "the best thing ever because you actually have countries, including developing countries, agreeing to take action." Countries "need to increase their commitments" to cut carbon emissions, says Turnbull, "but it has to be in a co-ordinated way." If the US announced a unilateral doubling of its emissions reduction target, would China follow suit, he poses? "Of course not. Heroic efforts by one country, even one big country, are futile." The Labor leader, Bill Shorten, by announcing a more ambitious target, "fundamentally misunderstands the new paradigm. It's where countries say to each other, 'We're prepared to do more if you do more, and let's get those people over there to do more.' "In a negotiation your leverage is not to act unilaterally."

So if Turnbull's position on these three key, progressive issues hasn't changed since taking the leadership, why have millions of Australian voters slumped into a slough of disappointment? If the problem is not Turnbull, it must be the people. Were public expectations unrealistic, I put to him? Are progressives too impatient for change? Do voters fail to grasp the difference between what he can do as an MP and as party leader? "Those are conclusions for you to draw," Turnbull responds. "I'm not arguing with you." In other words, Australians misunderstood Turnbull. It was a case of mistaken political identity. He made big impressions on Australia when he took up each of these causes. But his retreats on each were less obvious. He accommodated his views to more cautious Coalition positions while the people still thought of him as a revolutionary. This, it seems, is the basis for the great disappointment. Issue by issue, bit by bit, Malcolm changed. In the past six months, Australia realised.

So what's left? Turnbull's election campaign is not monothematic, but it's close. It's all about jobs and growth, as he never tires of telling us. Turnbull the successful entrepreneur, investor, businessman is modelling his own career as the course for the country. He makes no apology – prosperity and growth is not an optional extra but the indispensable national enabler, he says: "My vision for Australia is fundamentally grounded in allowing Australians to exercise their freedom. What that means is that you do need to have a strong economy. If you don't, you don't have the opportunities you need, you don't have the revenues you need. The economy itself is a huge enabler. "My vision is where we continue to develop as the most successful multicultural society in the world. I'm romantic enough to think that the harmony we have in our great diversity is a role model for the rest of the world. That's why I talk a lot about mutual respect." He forcefully rejects Labor efforts to paint him as unfair. "They're trying to run a line on me that because I'm well off therefore they can run a sort of politics of envy campaign." He points to his proposed changes to superannuation, which have caused a minor revolt in his own party's constituency. The changes are "absolutely fair".

And he counters: "Really the big issue with fairness that Labor has to address is how is it fair to keep living beyond your means? How is it fair to pile up mountains of debt for our children and grandchildren to pay for?" He is angry at Labor's bald assertion that his government will raise the GST to 15 per cent, an option he has discarded, as "complete falsehood". Fairness, he says, is critical. "Nobody wants to be like Mao's China where everyone was wearing blue boiler suits but we have much less inequality than comparable English speaking countries, particularly the US but also UK and Canada. "There are many reasons but main reason is a pretty rigorously means-tested welfare system. Access to a good education is critical. You can't prescribe equality of outcomes. "You can do everything possible to guarantee equality of opportunity." He worries that if Australia doesn't set a path for growth, "this is a time in which we could very easily be left behind. We don't have, post-mining boom, a unique comparative advantage in some sort of physical asset. We have to make our greatest asset ourselves.

"So that means we've got to focus on enabling Australia's enterprise." A Reachtel poll this week found that Turnbull is the leader Australians most want to have a beer with. Australia has over 15 million voters. That's a lot of beers. "I'm certainly a fairly convivial person so I do like a bit of company," chuckles Turnbull at the thought. He's nowhere near as admired and liked as he was just six months ago, but he is not broadly disliked. Loading

After losing millions of admirers in the last six months in disappointment at the disappearance of Turnbull the progressive reformer, Turnbull the Coalition leader is now trying to win as many as possible back, vote by vote, seat by seat. Follow us on Twitter