Economists hope new treasurer Scott Morrison will be better than his predecessor at selling and implementing policy.
Mr Morrison was sworn in as the new treasurer on Monday following new prime minister Malcolm Turnbull's weekend ministry reshuffle.
Weeks before Mr Turnbull's leadership challenge there was speculation that Mr Hockey would be dumped after he had trouble getting his first budget passed and troubles with selling economic policies.
AMP chief economist Shane Oliver believes the key difference between the two treasurers will be implementation and communication.
"He has been quite successful in getting welfare reform through, I think we need to see that applied to the broader budget issues and the broader agenda of the government," Dr Oliver said.
"I don't see a huge change in direction in terms of economic policy."
Dr Oliver said the problem for Mr Hockey came after he presented his first budget in 2014, which included harsh spending cuts.
"I have a lot of respect for Joe Hockey and the prime minister (Tony Abbott), but their ability to communicate difficult economic concepts at times seemed to be a bit lacking," he said.
Market Economics managing director Stephen Koukoulas said the change in treasurer is a step in the right direction but it's too early to tell if there will be any changes in policy.
"It will probably take them a little while to find their feet but you'd expect to see a change in not only the rhetoric but also the policies need a bit of a revamp as well," he said.
Mr Koukoulas said Mr Morrison is more disciplined with what he said as a minister in other portfolios.
"I think he's more measured, a bit more realistic," he said.
"I don't think Morrison has that ability to put his foot in his mouth that often."
JP Morgan economist Tom Kennedy said the key issue will be the ability to negotiate legislation through a hostile Senate.
"I think the main difference is that the new administration with Malcolm at the helm is viewed to be a little bit more friendly with the minor parties," he said.
Mr Kennedy also believes that Mr Morrison will be on the same page as his prime minister more often.
"I don't think Joe was a terrible communicator, it's just that there was this split between him and Tony in terms of what they both wanted to achieve - that was a bit of a road block," he said.
"Turnbull and Morrison are a bit more closely aligned in terms of what they're trying to achieve so that's going to help.