Mr Hockey has become a lightning rod for internal dissatisfaction due to stalled budget measures and a deteriorating deficit, with calls internally for him to be replaced.

On the final day of Parliament for the year, Mr Hockey attempted to address party-room mutterings arising from a series of political errors and what some say is excessive control by the Prime Minister's Office.

The fractious mood follows a messy final two weeks of the parliamentary year dominated by confusion over the $7 GP co-payment - dubbed the "barnacle debacle" - controversies in the office of the Minister for Defence, David Johnston, and new tensions between Mr Abbott and his deputy leader and Foreign Affairs Minister Julie Bishop.

The relationship between the two top Liberals is now an open question after Mr Abbott insisted on sending the Trade Minister Andrew Robb with her to a climate change conference in Lima, Peru.

For his part, Mr Hockey has confirmed the unrest inside government ranks by publicly pointing the finger at ministerial colleagues angry about having to find savings in their portfolios.

"Look, this is part and parcel of being Treasurer. When you have conversations with your colleagues about asking them to live within their means, in their portfolios, some of them don't like it but we have got to do what is right for the Australian people," he said.

"I know it's hard for people. I know it's hard for the community. I know it's hard for colleagues but we have to do what is right."

The Treasurer said it was up to the other members of the Abbott government, not just him, to do the hard work in selling the budget to the public.

But the mood for change has gripped some inside the Coalition who are looking to Communications Minister and former Liberal leader  Malcolm Turnbull to be installed as treasurer.

"The jungle drums are beating," said one longstanding Liberal, who warned frustrations could come to a head in the early months of 2015.

Mr Hockey is continuing to get on with the job, attending what has been described as a "power lunch" on Friday in Melbourne along with Mr Abbott, new Victorian Premier Daniel Andrews, state Treasurer Tim Pallas and the new Victorian Opposition Leader, Matthew Guy.

Several Liberals warned the atmosphere could become as toxic as it was within Labor under prime ministers Kevin Rudd and Julia Gillard.

Mr Hockey has told colleagues the business of government is not easy and involves tough decisions, calling on them to stay the reform course.

As 2014 draws to a close, backbenchers and ministers have begun dissecting the situation as well as prosecuting competing arguments over who is to blame.

At the centre of discussion is a year of bad polls, conflicting economic messages between a budget emergency and business as usual, and outright policy confusion over the GP-fee, higher university fees, and Mr Abbott's proposed paid parental leave scheme.

Previously water-tight discipline has begun crumbling.

A "command and control" style by Mr Abbott's chief of staff Peta Credlin has alienated key players with ministers complaining that the Prime Minister's Office, known as the PMO, is internally partisan, dividing government MPs and ministers into two camps: those it regards as loyal and, those who question the PMO's judgment or authority.

Pressure is mounting for radical internal changes either to the make-up of the ministry, or to Mr Abbott's own staff.

Senior Liberals are now desperately looking for a circuit breaker, with a reshuffle and a change in Mr Abbott's advisory personnel being advocated.

"Tony likes to describe Peta as the fiercest political warrior he's ever known, but that's the problem," said one backbencher.

Another said Ms Credlin was being unfairly blamed for the below-average performance of key ministers.

But an experienced frontbencher described the mood in the government as "like nothing I've seen before".

"I think it's heading to a crescendo," the minister said.

"Senior voices are not being heard – it is not what is being said in the partyroom that matters, but what was left unsaid … people know that if they speak up they'll face recrimination."

Some Liberals have argued that Mr Hockey should be shifted from the key economic post in any reshuffle.

They say there is a growing "appetite" for replacing him with Mr Turnbull.

The moderate Mr Turnbull is widely regarded as the Coalition's most popular and articulate politician but opponents of the idea say it is fanciful, because treasurers cannot be moved without admitting the government's entire economic policy is flawed.

However, another backbencher said Mr Turnbull was at best a short-term answer, arguing he would create longer-term problems for Mr Abbott because he was "clever at how he undermines".

Responding to a series of media reports suggesting Mr Turnbull could replace him, Mr Hockey explained that he was unpopular because he was doing what previous treasurers had not – reining in spending.

"For a decade and a half, treasurers have been able to spend more and more money without constraint," he told Seven's Sunrise program.

"Under Peter Costello, he had big surpluses and can hand them back. Under Wayne Swan, he borrowed money. Sooner or later, a Treasurer had to come along and say, 'Hang on guys, we need to live within our means, we need to have a plan that ensures that Australia does not end up with an insufferable level of debt'. Now, I have been that person."

But one Liberal said it was already too late.

"I don't know what Joe can do, he's tried being a tough guy, he tried being a nice, guy, I just think he's not up to the task," the MP said.