It addressed both electricity prices — a hot issue in Australia for some time — and the country's commitment to reducing carbon emissions. It required power generators to supply a minimum amount at all times and set an annual emissions reduction target.
Large industrial consumers of electricity had been calling for clear direction on future emissions policy and they welcomed the Government's "national energy guarantee".
But yesterday the policy unravelled amid speculation Turnbull was about to face a leadership challenge.
One of the speculative replacements is Peter Dutton, the combative Home Affairs Minister who has crossed swords with New Zealand's Justice Minister, Andrew Little, recently on criminal deportation to this country. But at present he rates lower in opinion polls than the Treasurer, Scott Morrison, and Foreign Minister Julie Bishop who might step up if Turnbull lacks the numbers.
The trumpets for Dutton reflect a hardening on the conservative side of public opinion, emboldening Abbott to tweet on the emissions policy, "No. no, no. Let's create a real contest, not a false consensus. Let's fight the Labor Party on this, it's the only way to win the election."
Polls are showing both major parties slipping and small fringe parties making gains. To some extent Australia appears to be infected with the same virus that has soured politics in Australia, Britain and Europe in recent years.
The discontent probably arises from high immigration, population pressure on infrastructure, stagnant wage levels and resentment of business and finance since the global crisis 10 years ago. Australia has been particularly critical of its banking system of late.
It is a troubled country, in need of a leader it likes. That is a need that can have unfortunate results.