If the leadership contest continues for months, those companies that have consumer-based businesses will suffer. They were hit hard by the unpopular May 2014 federal budget from which there has not been a full recovery, thanks to the fact that that it's hasn't been clear which of the big policy measures would ultimately survive. Fewer friends Thus it is no surprise that one of the most outspoken critics of the Liberal Party's destabilising power struggle is Myer chief Bernie Brookes, who hit out this week, telling Fairfax, "It's incredibly disappointing and I think the quicker it's resolved and the quicker they can get on and govern and run the place the better". And he is not alone. In recent times there have been numerous executives bemoaning the shambolic governance in Canberra – pointing to this as a significant factor in the lack of consumer confidence.

Abbott has few if any real supporters left in big business, and Treasurer Joe Hockey isn't far behind.. In many respects, those in the upper echelons of the business community initially felt more comfortable with Tony Abbott as leader than they do now with the prospect of a the smaller 'l' Liberal Malcolm Turnbull. Abbott was more of a natural ally to big business. But stability trumps both and they would now prefer a Turnbull-led Coalition that can deliver policy, especially compared with a desperate Abbott who is holding on to power by a thread and whose erratic decisions are increasingly designed for his personal benefit rather than the economy. Abbott's last-ditch effort to get South Australian backbenchers over the voting line by promising the ASC (formerly Australian Submarine Corporation) the opportunity to tender for a $40 billion contract was the most startling illustration of this. Business leaders I spoke with were gobsmacked at the potentially expensive pork-barrelling exercise.

Lightning rod While the lightning rod for disdain for Abbott's judgment was the knighting of Prince Philip, this decision was stupid rather than damaging Turnbull would have a clean slate to attack some of the economic issues that Australia is facing, while during the past week Abbott has jettisoned the backbone of most of his economic agenda, which was centred on reducing the budget deficit. Business is clinging to some hope that Turnbull's more workable relationship with Clive Palmer could help solve the hostile senate-related impasse that has rendered the May budget measures dead in the water. Indeed, most believe that Australia's debt needs to be tackled and hope that if Turnbull establishes a workable relationship with the community, he could attempt to market these objectives more successfully to the electorate.

Abbott's chances of connecting with the community are now gone. Thus the business community is now looking ahead to get a feel of what policy decisions a Turnbull leadership would bring. There will be a fear that some kind of carbon pricing would be on the agenda given his previous position on the issue. However, the chat from his supporters on Monday suggested he would be steering clear of that in the near term. This should be a relief for the big carbon emitters and energy users like the mining and manufacturing sectors. His position on media policy is one that should be clear given he was a strong advocate for changes in media ownership, including abolishing the television 75 per cent reach rule and the restrictions on owning two types of media in any market. However, media executives said on Monday that they expect he will have bigger issues to deal with and won't invest too much political capital in pushing for change on a non-pressing issue. There was a feeling among the banking industry that Turnbull would embrace the findings of David Murray's Financial Services Inquiry – because it appeared to promote competition and was consumer friendly.