Corporate tax cuts for medium and big business? Forget it. Reform of Medicare? Dream on. It looks like Malcolm Turnbull is about to celebrate the ultimate Clayton's political victory.  
He gets the title but Bill Shorten gets defacto control.Election gurus are now feeling sufficiently safe to dip their toes into the certainty pool and predict Turnbull will take the prime minister mantle, but already he is making noises that those unpopular policies that lost him a healthy majority are in doubt.He no longer has a mandate to touch Medicare thus any reform is frozen.And while the Coalition has not been formally admitted it, the chances of getting a tax cut for business - other than very small enterprises - are next to zero.On Wednesday morning, Treasurer Scott Morrison told the ABC he would not concede its company tax cuts were off the agenda - 'why should they be' he asked.To state the obvious, such a move would never get through the Senate.But even more importantly, Turnbull's new push is to rekindle his positive relationship with Australian voters won't survive any attempts to push for tax cuts for big business.The electorate demonstrated clearly on Saturday they don't see the benefit of tax cuts as a reform measure.Quite the opposite. They see this as Turnbull playing to the corporate end of town at the expense of the welfare of the working and lower middle class.Giving larger business a big tax cut was always going to be a hard political sell.And the Coalition prosecuted its case particularly poorly.It failed to clearly establish a nexus between cutting corporate tax and the trickle down benefits hitting the broader community.It's a tough one to explain so it ultimately came down to a 'trust us' plea from the Coalition. But the community didn't.They didn't trust big companies to use the tax saving to invest in growth or pass them on via higher wages. Rather the electorate saw it as an opportunity for companies and their shareholders to pocket this government largesse - egged on in this view by Labor.Given this formed the backbone of the jobs and growth mantra, it will be back to the drawing board.To this extent Turnbull may be in power but he will be governing to a large extent, to the Labor agenda.For example removing some of the superannuation cream from the cake for the wealthy is Coalition policy that does have a life - but only because Labor is on the same page.And as for working towards cutting the deficit - the voters generally ignored this imperative and were swayed by Labor who by its own admission will increase the deficit in the medium term.As business - particularly big business - now watches what it thinks will be a slowmo train wreck it despairs that a rudderless Canberra and with the prospect of limited or no tax reform.The argument that business has always proffered on cutting corporate tax is that it will encourage much needed investment into Australia.