University was free from 1974 until the introduction of the Higher Education Contribution Scheme (HECS) in 1989.

After completing a free degree in Australia, Turnbull won a Rhodes Scholarship and completed a second law degree at Oxford.

After careers in law, journalism, business and politics, the prime minister is now estimated to be worth around $200 million.

The government confirmed on Monday that from 2018 university fees will increase by 7.5% over the next four years for current and future students, and graduates will be forced to pay back their student loans sooner.

