Actors Hugh Jackman and Jack Thompson have launched the Jackman Furness Foundation for the Performing Arts in a packed out ceremony at Perth's Western Australian Academy of Performing Arts (WAAPA).

Jackman and his wife Deborra-Lee Furness, along with acting great Thompson have created the national fund in the hope it will draw $10 million in private finance to support the performing arts in Western Australia.

At the launch, Jackman announced mining magnate Andrew "Twiggy" Forrest and his wife Nicola have donated $1 million to the foundation.

He then told the crowd he and his wife would match that contribution.

Jackman was born and raised in Sydney, but moved to Perth to study acting at WAAPA.

He graduated from the Academy in 1994 and began an illustrious film and stage career, marked by his ability to play a wide range of characters from Wolverine in the X-Men franchise, to Peter Allen in The Boy From Oz.

Launching the foundation, which will be based at WAAPA at the Edith Cowan University campus, Jackman said he was proud to see so many Australians breaking into the industry.

"They're talented, professional, they're optimistic, and they're having a good time," he said.

In response to Federal Education Minister Christopher Pyne saying he wanted to have Australian education institutions appearing in the top 20 in the world, Jackman said: "Mr Pyne. You have one."

Jack Thompson's son Bill also graduated from WAAPA's acting course last year.

He says he sees the foundation as a way to give back to the industry.

"Without the performing arts there is no film industry and it's from this centre here at WAAPA that people like Hugh Jackman have come into the industry," he said.

"The arts are the dew that wets the nest of the imagination and there is where our future will flourish."

Following the launch, crowds were treated to a musical interlude by Jackman who performed I Still Call Australia Home, accompanied by musical theatre students.