It's the transition, stupid

Whatever the question, the answer is "transition".

And if it's Malcolm Turnbull answering, the transition is garlanded with sunny optimism.

It's not, however, clear from Wednesday's question time just what this miraculous transition really means.

The PM said it's a great challenge, a great opportunity and very exciting. It involves transitioning from the mining boom to the new economy of the 21st century. Innovation, science and incentives to invest were mentioned.

Other ministers put transition to other uses.

Christopher Pyne said his lot were best placed to manage an economy in transition because they'd keep the building union under control.

Scott Morrison said you can't afford to be reckless if you're managing a transitioning economy.

Morrison was having yet another go at Labor's negative gearing policy, which became the main focus as the afternoon wore on.

This was mainly a contest between the Treasurer and Chris Bowen.

Bowen's main aim was to show Morrison is such a boofhead he doesn't even properly understand what negative gearing is.

He quoted Morrison saying high-income earners use negative gearing more than the moderately paid, then pounced with "Isn't that the point?"

Then he had Morrison saying negative gearing was offsetting the cost of earning an income against that income.

"That's not negative gearing," Bowen crowed.

"Does the Treasurer know what negative gearing is?"

But Bowen wasn't going to rain on what, thanks to the national accounts, was a good day for the Treasurer.

Morrison's counter-attacks included accusing Bowen of schoolboy debating tricks, being hairy-chested and being on the end of a very long pole.

Turnbull joined the fun, sneering at the "socialist paradise" and "the central planners over there".

He also went a bit Delphic, characterising Bill Shorten's attitude as "If you don't know where you're going, any road will do".