Malcolm Turnbull has revealed he donates every cent of his $528,000 salary to charity. Mr Turnbull made the revelation in response to a new Labor advertising campaign accusing him of pushing major tax cuts to prop up his personal wealth. Labor's TV ad accuses Mr Turnbull of dropping tax for big companies because he 'has millions invested in funds which hold shares in dozens of big businesses which would benefit from the tax cuts'. Scroll down for video Malcolm Turnbull has revealed he donates every cent of his $528,000 salary to charity The Sydney Children's Hospital is a major benefactor of Mr Turnbull's charitable donations. The Prime Minister is such a notable donor, the hospital named a ward after him. 'The Turnbull family has donated over $1 million in support of Sydney Children's Hospital, in particular for our cancer inpatient ward, of which they are naming rights sponsors,' the hospital said online. Mr Turnbull also donates money to the Tribal Warrior Aboriginal Corporation to support underprivileged indigenous families and the Wayside Chapel, The Daily Telegraph reported. In 2015, Mr Turnbull's net worth was in excess of $200 million. The Sydney Children's Hospital is a major benefactor of Mr Turnbull's charitable donations His net worth grew by $67 million in just 10 years, from 2005 to 2015. Mr Turnbull is the only sitting politician to make the BRW Rich 200 list. He placed 182 in 2009 and 197 in 2010. The Prime Minister, whose investments have been publicly disclosed and approved under the ministerial code of conduct, accused Labor of playing dirty politics. 'If the honourable member (Mr Burke) wants to go round wearing a sandwich board saying `Malcolm Turnbull's got a lot of money' feel free - I think people know that I've got a lot of money,' Mr Turnbull said in 2015. When Mr Turnbull became Australia's Prime Minister, he elected to stay at his waterfront estate in Point Piper (pictured) rather than move to the Lodge Mr Turnbull, together with his wife Lucy, bought the beachfront mansion for $5,425,000 in 1994 When Mr Turnbull became Australia's Prime Minister, he elected to stay at his waterfront estate in Point Piper rather than move to the Lodge. Mr Turnbull, together with his wife Lucy, bought the beachfront mansion for $5,425,000 in 1994. The Turnbulls went on to renovate the multi-million dollar home, before buying the neighbouring property for $7.1 million in 1999. The estate is estimated to be worth the same amount as a neighbouring property which sold for $52 million in 2015.<doc-sep>How did Malcolm Turnbull get so rich? How did Malcolm Turnbull get so rich? THREE years ago, thousands of Australians signed an online petition to get Malcolm Turnbull to take a $1 salary - or donate his entire pay packet to charity. But it turns out the Prime Minister does exactly that. Mr Turnbull donates the equivalent of his full $528,000 annual salary to charity, The Daily Telegraph reports. Labor has recently been on the attack, accusing Mr Turnbull of campaigning for company tax cuts to benefit his own wealth, targeting him in new ads, which claim he has "millions invested in funds which hold shares in dozens of big businesses which would benefit from the tax cuts". "Who exactly is he looking after?" the ads ask. Mr Turnbull slammed Labor in response, saying the party's previous leaders would describe the campaign as "mean-spirited" and "politics of envy". "That's apparently not the Labor way anymore. You are not allowed to have a go or be successful," he said. He also noted that many Australians, including Labor MPs, had similar investments. "Virtually every member of this house who has interests in Australian superannuation funds … has investments in all of the big multinationals, all of the big companies and banks and so forth," he told Parliament yesterday. Senator David Leyonhjelm also suggested Labor's actions were childish. "It's a puerile debate. The idea that because you're rich you're not qualified to have an opinion about what's in the best interest of Australia is just ridiculous," he said. "It's a ridiculous idea. Your personal success in life has got nothing to do with your ability to make good judgments for the country." Senator David Hinch added: "I think the Labor Party's attack is pretty low. We all know he's a self-made millionaire, and the fact that he gives his salary to charity is very commendable. Wish I could afford to." But just how exactly did Mr Turnbull get so obscenely wealthy - and who gets the credit for that? HOW TURNBULL MADE HIS MILLIONS When Mr Turnbull first became Prime Minister in 2015, the big question is whether he would downsize - to Kirribilli House. Mr Turnbull and his wife Lucy were living in a multimillion-dollar waterfront mansion in Point Piper, a 1930s Mediterranean-style home named "Le Gai Soleil", which some reports estimate is worth $50 million. The average price-per-square-metre is about $61,000. Malcolm Turnbull’s mansion is worth an estimated $50 million. Malcolm Turnbull pictured at his waterside mansion. The Prime Minister's family has an estimated worth of $180 million - more than anyone else in Parliament. But how did he get so loaded? Mr Turnbull has previously noted he did not have a wealthy upbringing. He was raised solely by his father, Bruce (his mother, Coral Lansbury, left the family home when he was 10 years old) and said he had very little money, and spent most of what he did on sending the future PM to a good private school. "My father and I went through times of great financial insecurity," he told Fairfax Media in 1993. "We had a two-room flat. He was frugal. Yes, it was very important. The reason is, financial independence gives you freedom. If I made a hundred million next week it wouldn't change my lifestyle. The key thing, the only thing, is that it gives you independence. You can't do things unless you have a bit of brass." Undated photo of Malcolm Turnbull with his father Bruce. Since school, Mr Turnbull has worked his way up to a series of impressive job titles - working as a journalist, Rhodes scholar, Oxford student, barrister, banker, businessman and finally Prime Minister. In 1987, he established an investment banking firm, Whitlam Turnbull & Co. He left 10 years later to become a managing director of Goldman Sachs Australia. But it was one key investment that really inflated his bank balance. In 1994, Mr Turnbull made a $500,000 investment in internet service provider OzEmail. In 1999, before the dotcom bubble burst, he sold it to Worldcom for $60 million. According to the Herald Sun, the Turnbull family now boasts an impressive property portfolio, including four office units in Sydney's Elizabeth Bay, a lavish apartment at Canberra's Kingston Foreshore, and about 20 rural properties in the NSW Hunter Valley. His Point Piper home on Wolseley Rd is ranked among the world's top 10 most exclusive residential streets. The Turnbulls also own an investment apartment at Manhattan's The Century, an apartment building in the heart of New York. HOW MUCH DOES TURNBULL DONATE TO CHARITY? You might argue that foregoing a half-a-million-dollar salary is less impressive when you're sitting on $180 million in assets. But Mr Turnbull is known for being a generous donor. According to The Daily Telegraph, he gives about $550,000 to charity through the Turnbull Foundation, and makes additional donations to Potts Point charity the Wayside Chapel and the Tribal Warrior Aboriginal Corporation in Redfern. In 2001, Malcolm Turnbull and his wife Lucy set up the Turnbull Foundation. In 2001, when he and his wife set up the Turnbull Foundation, he told the public broadcaster of the importance of philanthropy if one is wealthy. "I've always been a philanthropic person. We've always been very generous. I think it's a good thing to do. I think it's - you know, if you're a Christian you could say it's a Christian thing to do, but every religion, every ethical system recognises the value of providing support to people that, you know, that are not as well off as you are," he said. "Or to causes, institutions that serve the community, be they hospitals or schools or, you know, more sort of social work oriented organisations like the Redfern Foundation." At the time, he said he didn't believe there was enough philanthropy in Australia. "I think we've got a much less developed tradition of philanthropy in Australia than in the United States," he said.<doc-sep>
Crossbench senators have slammed Labor for its attack ads on Prime Minister Malcolm Turnbull, amid reports he donates the equivalent of his entire salary to charity. Victorian senator Derryn Hinch described Labor’s attack as “pretty low-life”. “We all know he’s a self-made millionaire and fair enough,” he said. The opposition’s new ad campaign, launched at the weekend, claims Mr Turnbull’s push for company tax cuts is motivated by greed because he stands to benefit hugely due to his multimillion-dollar investments. Senator Hinch was also full of praise for Mr Turnbull over reports he donates about $550,000 to charity through his Turnbull Foundation – slightly more than his $528,000 prime ministerial salary “The fact that he gives his salary to charity is very commendable,” he said. Mr Turnbull and his wife, Lucy, are major contributors to the Sydney Children’s Hospitals Foundation. The foundation says the Turnbulls have donated more than $1 million to the children’s hospital, “in particular for our cancer in-patient ward, of which they are naming rights sponsors”. Mrs Turnbull – a former lord mayor of Sydney – served on the foundation’s board from 1998-2000 and has been an integral member of its Gold Dinner committee since 1998. According to The Daily Telegraph, Mr Turnbull also supports the Wayside Chapel in inner-Sydney and the Tribal Warrior Aboriginal Corporation in Redfern. Liberal Democrat David Leyonhjelm said what politicians decided to do with their salaries was a “dignity question.” “It’s a puerile debate,” the senator said of the Labor ads. “The idea that because you’re rich you’re not qualified to have an opinion about what’s in the best interests of Australia is just ridiculous.” Labor leader Bill Shorten insisted it wasn’t Mr Turnbull’s wealth that worried him. “It is when he says stupid things,” he said, citing the Prime Minister’s “get rich parents” advice to young home buyers. “I generally think Mr Turnbull is so out of touch with how millions of Australians live their life. That is the problem.” But Labor senator Doug Cameron said the Prime Minister’s wealth meant he would get the largest benefit from the personal tax cuts approved by Parliament last week. “Pauline Hanson and Malcolm Turnbull voted to give themselves a $7000 tax cut when the lowest income people in the country were receiving a pittance,” he said. -with agencies