It was a case of assiduous avoidance as Joe Hockey and Malcolm Turnbull circled each other but did not come into contact at the 120th anniversary function of the Australian Jewish News and the launch of a book marking the occasion.

The Treasurer and Mr Turnbull arrived at the Royal Motor Yacht Club event a few minutes apart, not far from Mr Turnbull's Point Piper home.

Mr Hockey was a last-minute fill-in for Prime Minister Tony Abbott, who cancelled his speech on Wednesday due to touring cyclone-affected areas in northern Queensland.

The tour also meant that Mr Abbott, who several speakers at the event described as a "very good friend" to the Australian Jewish community, did not have a potentially awkward moment at the event with a potential rival for the top job, the local member for Wentworth, Malcolm Turnbull.

Editor of the AJN Zeddy Lawrence apologised to those attending for advertising that the book would be launched "in the presence of the Prime Minister, Tony Abbott" when it clearly wasn't.

However, he quipped that certain members of the Liberal party had suggested to him that the invitations "should have said in the presence of the next prime minister," referring to Mr Turnbull.

This suggestion was met with substantial laughter, and a few "hear, hears."

Ducking and weaving amongst the yarmulkes, long beards and affable company, the two Liberal MPs steered well clear of each other until Mr Hockey introduced Mr Turnbull, who was asked to speak, and invited him to say a few words.

"I particularly want to invite my friend, the local member Malcolm Turnbull to say a few words. I would be remiss, if I came to his electorate and didn't ask him to say a few words. He may never talk to me again!"

Mr Turnbull, clearly in his element and among friends, held court during his remarks, making much of the significance of 120 years in Jewish culture, which is a common Jewish blessing. "May you live until 120, or "biz hundert un tsvantsik" in Yiddish. It is said to derive from the age of Moses.

Referring to widely ridiculed comments Mr Hockey made at the end of January about Australians living to 150, Mr Turnbull joked that perhaps the traditional greeting of "may you live until 120" was not ambitious enough.

"So now that we are living so long, and Joe, recognising what you have said about the future of Australia's demography, my new birthday greeting is "now you live to 150", right!"

The event followed reports than Mr Turnbull now has sufficient numbers to mount a challenge to Mr Abbott in the Liberal party room, but neither Mr Turnbull nor Mr Hockey would be drawn on the current liberal Party leadership tensions.

When asked about the tensions and whether he was courting backbenchers Mr Turnbull said, "I'm a Member of Parliament so I talk to my colleagues all the time."

"I'll leave you guys to speculate about all that stuff."

Mr Hockey was much more abrupt when asked questions about the leadership, saying "I'll leave that to the gossip-mongers of Canberra."