Leading investors agree the economy is better off with Malcolm Turnbull running the government and believe he can be the most successful Prime Minister since John Howard by prioritising the economic management of the country over other issues. 
There might not be much Mr Turnbull can do about the weak iron ore price but investors think he has the ability to lift confidence and implement shrewd policies to put the economy on more stable ground. As global growth recedes and faced with a bear market in commodity prices, Australia's balance sheet looks vulnerable.
"I woke up this morning hoping that this change will be positive for our country," John Murray, who runs fund manager Perennial Value, said. "I don't think Australia is suited to hard-line policies, either left or right, and in itself a move towards the centre should be better for Australia.
"Mr Turnbull's appointment will also put pressure on the opposition to lift their game and better hold the government to account. Regardless of one's political leanings, this can only be for the good of the country."
Mr Turnbull turned to politics after a long career in investment banking. That experience means he enjoys significant goodwill from Australia's influential asset managers for his grasp of market forces but he is still untested, having never served as treasurer or finance minister.
"He's unproven," said Peter Morgan, the respected former fund manager turned private investor. "The most important thing for Australians to understand, particularly now the cycle has busted, is economics and finance. And I think that's where in a lot of ways [Tony] Abbott failed, and the Treasurer did him a disservice."
Mr Morgan urged the Prime Minister to devote his focus to the economy over climate change and the republic, which he agreed were also important issues for the electorate but not the priority.
He likened the Australian economy to a mining company whose earnings are cyclical and which was at risk of carrying a lot of debt into a downturn. The national accounts looked more Rio Tinto than Apple, he argued.
"Cycles breed complacency and that's a dangerous thing. That's what happened with Labor."
Geoff Wilson, the chairman of Wilson Asset Management, said Mr Turnbull could win the next election and possibly the one after, setting him up for what would be the longest term in office since Mr Howard.
"It wouldn't at all surprise me," he said. "When we invest in a company we're looking for companies that are extremely well managed and if I'm looking at investing in Australia I want it to be incredibly well managed and I believe Malcolm Turnbull can do that.
"I don't believe Bill Shorten can do that and unfortunately Tony Abbott wasn't able to do that."