A Closer Look At Private Lives 2, funded by beyondblue and the Movember Foundation, surveyed just under 4000 LGBT Australians.

Along with transgender people, the report identifies a number of high risk groups for mental ill-health and psychological distress, said beyondblue CEO Georgie Harman.

"Rates of psychological distress are higher among LGBT Australians with lower income and education levels, who have been subjected to heterosexist harassment or abuse, or who have consumed one or more illicit drugs," she said.

Bisexual women and men also reported higher levels of psychological distress than lesbians and gay men respectively.