Suddenly life isn't so rosy for Malcolm Turnbull.
Opinion polls have turned against the prime minister and confidence is down, while a spread of new figures over the past couple of days suggest the economy is far from powering along.
Tuesday's data showed a weakening international trade position, a drop in car sales over the past year and a contracting services sector.
That followed reports of a flat retail spending result, further signs home building has peaked and declining demand for workers a day earlier.
The only certainty at the moment is that the Reserve Bank won't be lifting the cash rate any time soon.
The central bank left the cash rate at a record low 2 per cent at its monthly board meeting, as widely expected by economists.
Governor Glenn Stevens stuck to the line that a low inflation outlook provides scope for a further cut should it be needed.
But the prime minister insists he is steering his government on the right course.
Under his economic leadership, policies had been put in place that would drive innovation and competition - from giving small and medium-sized businesses better protection against the "big guys", to taking on building industry lawlessness, and opening up big markets in Asia.
"All of those steps and many others are focused on driving economic growth," Mr Turnbull told reporters in Sydney.
However, voters are not impressed - with the latest Newspoll showing Labor has taken the lead 51-49 per cent from the coalition for the first time since Mr Turnbull rolled Tony Abbott last September.
Mr Turnbull's personal standing with voters continues to slip while Opposition Leader Bill Shorten's position is on the mend.
And the bad news didn't end there for the government.
The latest Essential Research found shadow treasurer Chris Bowen (23 per cent) closing in on Treasurer Scott Morrison (26 per cent) as the more trusted to handle the economy, although just over half didn't know.
Consumer confidence also fell for a third week in a row ahead of the May 3 budget.
"Optimism over the potential for the current government to implement lasting reform seems to be fading," ANZ head of economics Felicity Emmett said.
Dun and Bradstreet's latest business expectations survey found pessimism at a two-year low, suggesting the pace of economic growth is set to slow.
Its economic adviser, Stephen Koukoulas, says while it is difficult to pinpoint the reason for the negative outlook, he expects the upcoming federal election and global economic uncertainty may be contributing.
