CAN Prime Minister Tony Abbott come back from this popularity slump?

As his personal approval rating nosedives to 27 per cent, the situation places Liberal party members between a rock and a hard place.

Changing leaders is a big risk: Should they stick with the man Australia loves to hate, or take the same risk the ALP took prior to the last election and change leaders? That choice didn’t pay off for the ALP.

On the surface, it appears the front bench is standing tall behind its leader.

Today both Malcolm Turnbull and Julie Bishop reaffirmed their support for the PM, both uttering the same phrase on separate occasions: “The Prime Minster has my support.”

Attorney-General George Brandis has also recently defended his boss.

“A few anonymous voices and a couple of people who have been prepared to put their head up do not constitute a basis to unsettle a prime ministership.”

“We are going to see from here on a prime minister who already is very consultative being even more consultative,” he stated this week.

But the rumblings have become louder from backbenchers who fear their future after the next election.

“We can’t continue as we are. We are getting bad feedback,” said Liberal back bencher Jane Prentice, looking at the federal impact of the Queensland election wipe-out on Saturday night.

After conceding there were lessons to be learned from Queensland’s bloodbath election, there is talk Tony Abbott could have as little as a week to turn things around.

“The Liberal brand is toxic mainly due to Tony Abbott,” Independent Senator Nick Xenophon told ABC News on Sunday.

“I think Tony Abbott has until the end of this week to turn things around,” Xenophone said.

And those in opposition have also been quick to jump in on leadership speculation in the past week.

“If they think it’s the salesman, not what they’re selling, they will have learned nothing. It’s the arrogance which really frustrates people.” Opposition Labor leader Bill Shorten said.

“This government made a hue and cry about Labor changing leaders from Julia Gillard and Kevin Rudd and now they’re doing the exact same debate in even a quicker time.”

Greens leader Christine Milne was quick to blame the party, not the man.

“It’s not just Tony Abbott, it’s the Abbott government policies that are the problem. They have to reject the cruel and arrogant way they have been leaning on the poor.”

One federal MP has predicted the government would face a similar fate to Campbell Newman’s first-term government and another government minister is reported to have warned: “Abbott is finished”.

Last night during our election coverage I received a text from a Govt Minister who said Abbott is finished, it's just a matter of when — Kieran Gilbert (@Kieran_Gilbert) January 31, 2015

Nick Xenophon thinks Tony Abbott has until the end of the week to turn things around but says his chances are "slim." #9Newscomau — Ben Avery (@benavery9) February 1, 2015

Tony Abbott is facing the fallout of shock results this weekend that saw LNP Premier Campbell Newman booted from his seat and will likely hand back power to the Labor Party, on top of a disastrous week already rife with speculation about the prime ministership.

The shock result in Queensland, which could see Labor snatch a majority victory and as many as 40 seats from the existing seven won in 2012, came as a new poll showed the PM would lead the Coalition to a historic defeat.

RELATED: Galaxy Poll reveals huge drop in support for PM and Coalition

The Galaxy poll commissioned by NewsCorp shows the Abbott government trailing the Opposition 57 to 43 per cent on a two-party preferred basis, compared to 55 to 45 per cent in December.

Mr Abbott’s personal approval rating is wallowing at 27 per cent.

Another poll released this afternoon delivered another blow showing the Coalition would lose nearly 40 seats if the results were reflected in an election.

The Fairfax-Ipsos poll has Labor’s primary vote at 40 per cent compared to the Coalitions 38 — down three percentage point in the last month, Fairfax Media reports.

This morning Mr Abbott was forced to address leadership speculation.

He said the government wasn’t a popularity contest but “a competence contest”.

“I don’t say for a second that we haven’t made mistakes. I don’t say for a second that we can’t do things better,” he told reporters in Sydney.

“But I am not going to be distracted from the essential task of giving this country the good government that it deserves.”

Talk of leadership rumblings among the Coalition followed the backlash over the PM’s bizarre captain’s call to award Prince Philip a knighthood on Australia Day, with talks of backbenchers meeting to discuss the party’s future, and Julie Bishop and Malcolm Turnbull being consulted about the top job.

Speaking from the red carpet at a G’Day LA event, Malcolm Turnbull wouldn’t be drawn on the possibility of a challenge saying he was “interested in the leadership of the film and television industry”.

On the Queensland landslide election he said: “(the people) have the final word, and they have spoken pretty emphatically”, but rejected questions about challenging for the top job.

“The Prime Minister has the support of all members of his government, including me, he said.

Mal Brough has also been urged to challenge the Prime Minister for leadership.

The current member for Fisher, Brough was reportedly being encouraged by his colleagues to challenge Abbott if the Queensland election went badly.

When contacted by Sky News, Brough did not reject the claims saying there has been talk among MP’s who just want the best for the party.

While many MPs have tried to downplay speculation, Queensland federal Liberal National backbencher Jane Prentice fuelled speculation by suggesting Mr Abbott may not remain Prime Minister.

Asked whether Mr Abbott was the right person to lead the Coalition to the next election, Ms Prentice told ABC: “Well, that’s a discussion, isn’t it? We need to look at where we’re going.”

Speaking on Sky News today, Attorney-General George Brandis conceded it had been a “shocker of a week” for government but moved to downplay suggestions Mr Abbott’s future as Liberal leader was more in doubt following the poll and election result.

“There is no widespread appetite in the Liberal Party for a leadership change,” he said.

“We would be crazy to repeat the experience of the last Labor government, which failed because it tore down an elected leader.”

Senator Brandis acknowledged the knighthood decision was an error of judgment on Mr Abbott’s part but said it was about a frivolous matter.

“He had a terrible week. Nobody doubts that. I would have expected that the next poll would look bad and it does,” he said.

“If he makes the wrong call on something as ephemeral as whether or not Prince Philip should be a knight of the Order of Australia, heavens above, that is so much a 10th order issue.”

Despite doubts around the leadership after the government’s “very worst week”, the Queensland senator said there was an “enormous will that this Prime Minister should succeed”.

Addressing the Queensland result that commentators have said clearly spells disaster for the government, Mr Abbott said the LNP would be looking closely at the lessons learned.

“I have spoken to Campbell Newman to thank him for his service to Queensland. Obviously, it has been a very difficult outcome for him and his government,” he said in a statement.

“Campbell Newman can be proud of what his government did to restore Queensland’s finances and to boost its economy.

“There are lessons in this result for all governments, including the federal one. The LNP will be looking at them closely.”

Polls are still being in counted in Queensland with last night Labor awarded 43 seats while the Liberal Nation Party had 38 with up to five undecided.

Labor would require 45 seats to form government in its own right.

The LNP is currently projected to hold 40 seats, while the ABC has this morning called another seat for Labor, putting them at 44.