While Mr Turnbull is the MP for the Eastern Suburbs Sydney seat of Wentworth, he also owns a cattle property at Aberdeen in the Upper Hunter Valley, NSW.

He spent considerable time in rural Australia last year while he tried to reform water use in the Murray Darling Basin.

And he has been outspoken on a proposal by environment minister, Peter Garret, to tell farmers where they should, and shouldn't farm.

Yesterday he said the party's position on an emissions trading scheme, while being reviewed, would ensure a scheme would be brought in at an appropriate time that would protect Australian industry and jobs.

He said the Rudd Government's scheme would have cause economic harm and have no environmental benefit.

National Farmers Federation president, David Crombie, said Mr Turnbull had developed good relationships with the NFF and farmers generally in his previous portfolio as Minister for the Environment and Water Resources when in Government and believes the new leader will be good to work with.

"He developed a very strong knowledge very quickly on water matters and he travelled widely and communicated well with farmers," Mr Turnbull said.

"In the interests of water management, this is very good."

Mr Crombie said it was also beneficial to agriculture that Mr Turnbull owns a farm.

"Farmers are under pressure in a number of areas, like the drought, and if you're exposed to a farming operation then you would obviously understand those more acutely."