Prime Minister Malcolm Turnbull has revealed he donated $1.75 million of his own money to the Liberal Party for last year's federal election campaign.
The contribution is believed to be the largest political donation by an individual in Australian history.
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Turnbull donated $1.75 million to Coalition campaign
Prime Minister Malcolm Turnbull defends his decision to donate $1.75 million to the Liberal Party's re-election campaign. Courtesy ABC.
Speaking to the ABC's 7.30 program on Wednesday night, Mr Turnbull initially said Australians were more interested in how he spent their money, rather than his own, before he confirmed the amount for the first time.
"In the course of this current financial year, which is why it hasn't been disclosed on the AEC, I contributed $1.75 million. That was the contribution I made," Mr Turnbull said.
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"It's been talked about and speculated about, so there it is."
Mr Turnbull said the amount was a "substantial contribution".
"We [Lucy and I] make big contributions to many important enterprises and causes. I've always been prepared to put my money where my mouth is.
"I put my money into ensuring we didn't have a Labor government. I put my money into the Liberal Party's campaign."
When the fact he made a donation was revealed last year, it was thought to be close to $2 million.
Liberal sources told Fairfax Media that donations to the party dried up after Tony Abbott was ousted, meaning the party had to scrimp on its advertising during the eight-week election campaign.
The Liberal Party planned and executed its campaign knowing the Prime Minister would contribute funds to prop up the party's finances at a later date.
It's understood the payment was made towards the back end of the 2016 calendar year, not in the immediate aftermath of the election date.
There was no trace of the amount in the Australian Electoral Commission returns, which were released on Wednesday morning, leading many to believe the exact donation would remain a secret for another year.
Speaking to the National Press Club earlier on Wednesday, Mr Turnbull would only say the donations he made to his party were "regular and generous".
"I would encourage others to do the same," he said. "And they've always been disclosed in accordance with the law."
Before Mr Turnbull's donation, the largest donation in Australian history was made by businessman and entrepreneur Graeme Wood.
Mr Wood, who founded travel website Wotif, donated $1.6 million to the Greens in 2010.
Mr Turnbull attempted to use his appearance on 7.30 to attack Bill Shorten, accusing the Opposition Leader of being "beholden" to unions who "own" him.
"I stand up for my values with the money I've made, the money I paid tax on," Mr Turnbull said.
"Bill Shorten wants to go after me all the time, he says I'm Mr Harbourside Mansion.
"I do live with Lucy in a nice house on the water in Sydney, and we paid for it. We pay the expenses for it. It's our house. Bill Shorten wants to live in a harbourside mansion for which every expense is paid for by the taxpayer. That's the difference."