Free Market think tank the Institute of Public Affairs raised $10,000 an hour for three hours after emailing supporters asking for cash to fund an attack ad on Prime Minister Tony Abbott.

IPA Director John Roskam on Wednesday warned the government not to “underestimate the white-hot anger” of Liberals dismayed by the Prime Minister's decision to back down from repealing section 18C of the Racial Discrimination Act.

John Roskam. Credit:Ken Irwin

Now it appears that anger has been converted into cash with the appeal topping $45,000 as of this morning, according to Mr Roskam.