There's a petition calling for Malcolm Turnbull to take on a $1 salary

Photo: Stefan Postles/ Getty Images.

It’s no secret that Malcolm Turnbull is rich.

The personal wealth of the former banker, lawyer and journalist is estimated at $150 million making him Parliament’s second richest man behind Clive Palmer.

His current waterfront residence in Sydney’s esteemed Point Piper alone is valued at an estimated $50 million.

After founding investment bank ‘”Whitlam, Turnbull & Co” in partnership with Gough Whitlam’s son, Turnbull invested $500,000 in Ozemail — Australia‚Äôs first large internet service provider — in 1994 and later sold his stake just five years later for $57 million in 1999.

He was the only politician in the country listed on the BRW Rich 200 in 2010.

But the wealth of Australia’s 29th prime minister has spurred a Queensland high school student, Corbin Duncan, to start an online petition on Change.org calling for Turnbull to reduce his salary to $1 or donate his entire 500,000-plus prime ministerial pay packet to charity.

It is my understanding that you have significant personal wealth, no doubt acquired through hard work, dedication and personal sacrifices. Make no mistake, you deserve and are entitled to the Prime Ministerial compensation package, however I am sure you have not taken on the role of PM for the associated salary. I respectfully request you to consider taking a $1 salary, or donate your current compensation to a charity of your choosing.

Many high profile men and women have made the decision to reduce their salary to $1, including a visionary like yourself, Elon Musk of Tesla. Other notables include JFK, Steve Jobs (Apple), Meg Whitman (Hewlett Packard), Michael Bloomberg (Former New York Mayor), and Mark Zuckerberg (Facebook), all of whom have made the selfless decision to reduce their respective salaries to $1 or donate them to charity.

By reducing your compensation to $1, you will not only set an incredible precedent and forge a trail blazing legacy for yourself, but you will be putting $500,000+ of tax payer dollars back into schools, roads and hospitals, or more pressing issues such as reducing the incidences of domestic violence or supporting the 12,000 new Australian residing Syrian refugees.

So far, the petition has garnered nearly 2,000 signatures.

“I certainly think that he’d be willing to take it on board, he has presented himself as a very forward thinking man, and I think that he would be willing to accept this proposal,” Duncan told The ABC.

“We need to remember that this is certainly his money and he can choose to do what he wishes with this money, but we are presenting an idea that we think he would accept.”

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