Virginia, your little conservative friends are wrong. They have been affected by the scepticism of a sceptical age. They do not believe except they see. Yes, Virginia, there is a Prime Minister Malcolm Turnbull. He exists as certainly as innovation and agility and flexibility exist, and you know that they abound and give to your life its highest beauty and joy (such as smartphones and Instagram).

With apologies to the great Francis Pharcellus Church, and his whimsical 1897 editorial in the New York Sun, there are indeed parallels between the popularity of Malcolm Turnbull and belief in Santa Claus. Both are born of the finest human qualities; a belief in optimism and faith and that through our goodwill, generosity and – above all – imagination we can gift ourselves a better world. To a large extent, this is true. Imagination is and always will be the driver of success. Imagination lies at the heart of the finest achievements of mankind, both technological and sociological. And political. Capitalism relies on harnessing individual creativity, as much as socialism and welfarism were created by those who dared to imagine a better life for those in need.

Malcolm Turnbull’s extraordinary popularity with the public will continue so long as he manages to keep that dream alive. Mr Turnbull’s greatest skill is that, thus far, he has managed to allow fans from all walks of life to project their own fantasies onto what they trust he will deliver to them.

Whether it’s pushing back the rising seas, same sex marriage, a ‘fairer’ economy, or simply a kinder, gentler political discourse, these are the gifts a great many Australians are eagerly anticipating, like kids lying awake, peering out the window, the night before Christmas, believing in Malcolm’s gifts.

We have been here before, of course. The public placed similarly unrealistic expectations on Kevin Rudd, only to be let down when they took off the wrapping.

Working to Mr Turnbull’s advantage, however, is the fact that unlike Mr Rudd he is surrounded by many talented and intelligent individuals devoid of the quasi-socialist ideology that has dragged Labor down to ever greater depths of incompetence and irrelevance. Also, it is to be assumed that Mr Turnbull will have learned from the Rudd fiasco and will not repeat its mistakes.

Thus far, the signs are mixed. The biggest success is the fact that, as George Brandis pointed out to Andrew Bolt, the Senate is now functioning again, with an array of bills being passed via different support combinations, including with the Greens. Clearly, this can be put down to not only Mr Turnbull’s ‘charm offensive’ towards the Senators, but also his willingness to compromise and negotiate. This is not only good for the Senate but critical to restoring the electorate’s faith in our tarnished political institutions.

To the relief of many, the Turnbull team appear to have handled the Paris Climate Change conference reasonably well, although Greg Hunt’s commitment to map out future ‘threatened’ coastal zones is fraught with risks. But much like Santa Claus, Mr Turnbull’s warm welcome was no doubt helped by him leaving a billion of our hard-earned Aussie tax dollars under the tree – wrapped up as an ACME Atoll Survival Kit.

Similarly, the billion dollars splashed on ‘innovation’ projects is a present of Santa-like proportions that, like most Christmas Day whizz-bang toys, is unlikely to live up to what it says on the pack. Taxpayers are unlikely to see much of a return on their investment. Governments of whatever hue are clueless at picking winners; the market does it far better.

In his first week, Mr Turnbull won plaudits for another well-received stocking filler of 100 million dollars pledged to tackle domestic violence. Worthy though such schemes may be, we are not in a position where our federal government can just keep handing out money to fix every problem.

As former Treasurer Peter Costello has wearily pointed out, sooner or later this government has to start cutting spending programs. Thus far, Scott Morrison shows no willingness to seriously play Grinch to Turnbull’s Santa.

Whether Mr Turnbull can provide much-needed Thatcherite fiscal stamina is dubious at best. Relying on ‘innovation’ and ‘exciting times’ to deliver genuine growth is a fantasy.

Mr Turnbull’s biggest failings, however, stem from his dangerous fondness for political correctness, and nowhere does this manifest itself more obviously than on the horrendous issues of Islam, border control and terrorism. As with cutting spending, national security requires making incredibly tough choices that will be unpalatable to many people of goodwill. Recognising there is a ‘problem within Islam’ is a key starting point, as Josh Frydenberg was honest and brave enough to point out. For Mr Turnbull to rebuke him was a tawdry gift to the luvvies who refuse to acknowledge the problem, let alone wish to deal with it.

Yes, Virginia, there is a Prime Minister Turnbull. For now, he is whatever you want him to be. But he won’t be able to keep playing Santa forever.