By Janine Perrett

Maybe, just maybe, some of the more hysterical Turnbull critics owe him an apology over his supposed "backdown" on the GST.

Earlier this week (yes this all transpired since Monday would you believe?) the Prime Minister announced he was not yet convinced of the merits of raising the tax from 10% to 15%

Cue instant outrage.

The usual suspects from the opposition, sorry the Business Council of Australia (BCA) to the Labor Party and countless media experts or should that be experts in the media, accused him of everything from being a coward to presiding over a do nothing government.

Tax reform was dead. Buried and cremated and with it the hopes and aspirations of a nation. Or an overly ambitious macho Treasurer's ego at least.

He was finished the odd one declared.

By Friday the source of Mr Turnbull's wariness was revealed with the Treasury modelling figures confirming that indeed a rise to 15 percent would have only "negligible" impact on growth.

So then why would any sane politician go through all that pain for such little gain?

And, as I pointed out in this column three days ago, it does not mean that the whole tax reform package is dead as there are plenty of other areas to address.

Today headlines declared "big bang" tax reform is dead. By that they mean the huge disruption of a 50 percent rise in GST and the ensuing $30 billion or so of revenue.

But given that was all going to be frittered away appeasing all the vested interests, not to mention states, it was never going to be a big bang for your buck anyway. That's what the Treasury modelling proved and the PM astutely grasped.

A few points to note.

Some of us who covered the GST introduction recall the sworn in blood of the coalition government of the time (including some current members) that it would never ever rise further as it was "big bang" enough for the states forever.

Fifteen years later, and not even in a true economic crisis, the states have frittered away their funds, with some help from Federal cuts and we were led to believe that a 50% rise would be the answer.

Paul Keating was right - sheer laziness. 

When the tax reform package was being hyped last year and then Treasurer Joe Hockey declared "everything was on the table", it took only a short time before his PM had ruled it out. Along with every other meaningful reform.

It was a joke and helped elevate a seemingly bold and economically literate Turnbull to the top job.

And he put it back on the table.

Only trouble was the novice Treasurer Scott Morrison became obsessed with pushing the GST rise above and beyond all other tax reform, indeed above most other things at a time of financial turmoil when he would have been better getting on top of his job than boasting how tough he was in his brief stint in a previous unrelated portfolio.

So it was more a case of Morrison going too far than Turnbull not going far enough.

Now on to realistic tax reform and the BCA should get on board for the whole package for once, and not just harp on about their own obsession with company tax.

I'd like to see the Treasury modelling on company tax cuts and see if they are of "negligible" benefit as well.