The Great Barrier Reef Foundation, a non-profit body granted almost half a billion dollars by the Turnbull government, appears to have overstated its past ability to raise funds, according to an analysis of its annual reports by Labor.

The government has said the group's ability to raise money from the private sector was a key reason it granted the organisation about $443.4 million in one hit in the budget for the 2017-18 financial year.

“We chose the most appropriate organisation to partner with to leverage off the private sector’s

philanthropic efforts,” the Minister for Environment and Energy, Josh Frydenberg, told the ABC last week. "They have raised around $80 million themselves.” The Foundation has said it had raised $90 million.

Examining annual reports since the group's inception in 2000 indicates total fundraising “is closer to $44 million, or even less, [at] $25 million, once Chairman’s Panel membership fees are discounted”, said Kristina Keneally, the Labor senator helping to lead a Senate inquiry into the Foundation.