Federal Communications Minister Malcolm Turnbull has slept outside overnight in the cold Canberra winter to raise money to help fight homelessness.

About 100 of the ACT's top business and community leaders, including ACT Greens MLA Shane Rattenbury and Labor Senator Kate Lundy, braved a chilly night last night for the Vinnies CEO Sleepout.

Participants slept on cardboard with just a sleeping bag and pillow for comfort in the courtyard at the National Film and Sound Archive.

The temperature got down to 2.5 degrees Celsius at 4:30am this morning, but the Communications Minister said he slept quite well.

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"I was sleeping soundly when suddenly there was a bright light shining in my eyes, and it was the ABC television crew," he told 666 ABC Canberra's Philip Clark.

Sleepouts were held around the country last night, with more than 1,000 leaders involved nationally.

Mr Turnbull was raising money for the Sydney event, but did his sleepout in Canberra.

By 10am he had raised $59,742 towards a personal fundraising goal of $60,000.

St Vincent de Paul ACT chief executive Paul Trezise said the event gave local leaders a glimpse into living on the street.

He said the high cost of living in Canberra makes it harder for hundreds of disadvantaged people to get by.

Labor Senator Kate Lundy returns her cardboard box, after the CEO Sleepout in Canberra. ( ABC News )

"Often they're hidden away in places that most Canberrans wouldn't see," he said.

"But of course the issue of homelessness is much more complicated than that, and in the last census it identified that we had over 1,700 people that were homeless in Canberra.

"I think that would be a shock to most Canberrans."

Mr Trezise said he hoped the event would encourage action to combat homelessness.

"I really hope that some of the CEOs will go away understanding a bit more about the issues of homelessness, and perhaps think about some of the things that they might do themselves," he said.

"For example perhaps sponsoring a service like our night patrol here in Canberra.

"We've got a lot of evidence that it does actually have a really positive impact and they want to do more than just sleep out for a night."

ACT Business Woman of the Year for 2013 Louise Curtis, owner of the Lollypotz gift delivery service, also slept out in Canberra last night.

Federal Communications Minister Malcolm Turnbull and ACT Opposition Leader Jeremy Hanson at the CEO Sleepout in Canberra. ( Twitter: Palliative Care Australia )

Ms Curtis has participated in three sleepouts, since the event began in Canberra five years ago.

In that time she has raised about $15,000.

"I feel a little bit spoilt here at the archives because the courtyard here is quite sheltered," she said.

Ms Curtis said although many have given generously to the cause this year, it has been harder to get businesses in particular to open their wallets than in previous years.

"I certainly think, particularly in relation to this event, it gets harder and harder to raise money," she said.

By 10am the ACT sleepout had raised about $371,066 and counting.

Mr Trezise said the appeal had a target this year of $500,000.

"The way that it works is there's a tremendous amount of fundraising that happens Thursday night and even Friday," he said.

"But last year we raised $489,000, so we're pretty confident we can make it."