Mr Turnbull declared the donation an "extraordinary act" and an example of "love, generosity and leadership".

Billionaire Andrew Forrest is giving away a large chunk of his personal fortune. Credit:Philip Gostelow

"This is not extracted from you by force of law, this is a matter of conviction, of your love and your commitment," Mr Turnbull told Mr Forrest.

"All of us know that, no matter how successful, know that if life's wheel had turned somewhat differently, we could be much less well off, much less well situated.

"All of us who have done well have been blessed by good fortune. So the generous person, the loving person gives back."