Malcolm Turnbull: Biography, Resignation, Net Worth

Few Australian prime ministers have had a career as varied as Malcolm Turnbull’s, from barrister to investment banker to the nation’s 29th Prime Minister. But his time in the top job was cut short by internal party strife over energy policy — a story that continues to shape how he is remembered today.

Born: 24 October 1954 ·
Prime Minister: 29th (15 September 2015 – 24 August 2018) ·
Political party: Liberal Party of Australia ·
Net worth: Estimated $100–200 million ·
Spouse: Lucy Turnbull ·
Children: 2

Eight key facts about Malcolm Turnbull, one pattern: his life before politics was as financially accomplished as his political career was contentious.

What happened to Malcolm Turnbull?

Post-politics business and board roles

• After resigning from Parliament on 31 August 2018, Turnbull returned to the private sector (National Archives of Australia). He took up advisory roles with several companies, including a position as a senior advisor to the investment firm KKR.
• He also chairs the advisory board of the clean energy technology company Resonant Technology Group.

Public commentary and media appearances

• Turnbull has remained a frequent commentator on Australian politics, appearing on programs such as The Project and ABC’s Q&A.
• He is active on social media, particularly X (Twitter), where he posts on climate policy and democratic institutions.

Personal life and family

• Turnbull lives in Sydney with his wife Lucy, a former Lord Mayor of Sydney (Museum of Australian Democracy). They have two adopted children.
• In 2020 he published his memoir, A Bigger Picture, which provides an insider account of his government and the 2018 leadership crisis.

Why did Malcolm Turnbull resign?

The August 2018 leadership challenge

• On 21 August 2018, Home Affairs Minister Peter Dutton challenged Turnbull for the Liberal Party leadership. Turnbull survived the initial spill motion 48 votes to 35, but the damage was fatal (Britannica).
• Multiple ministers resigned, forcing Turnbull to call a second party-room meeting on 24 August, where he stepped aside.

Internal party dissent over energy policy

• The core of the rebellion was the National Energy Guarantee (NEG), Turnbull’s signature climate policy. Conservative MPs, many with ties to the coal industry, opposed it because it included a modest emissions reduction target.
• Turnbull described the spill as a “coup” engineered by climate sceptics within his own party, according to his memoir.

Consequences of the spill

• Scott Morrison won the subsequent leadership ballot and became Prime Minister.
• Turnbull resigned from Parliament on 31 August 2018, triggering a by-election in his seat of Wentworth which the Liberals lost to independent Kerryn Phelps.

How did Malcolm Turnbull make his money?

Early career as a barrister

• After studying at Sydney University and Oxford as a Rhodes Scholar, Turnbull was called to the bar in New South Wales in 1986 (Malcolm Turnbull official biography). He gained prominence as a high-profile lawyer, notably defending former MI5 officer Peter Wright in the Spycatcher case.

Investment banking and merchant banking

• In 1994 he co-founded the investment bank Whitlam Turnbull & Co. with Nicholas Whitlam (Museum of Australian Democracy). The firm advised on major mergers and acquisitions.

Technology and venture capital

• Turnbull was an early investor in OzEmail, one of Australia’s first internet service providers. He served as chairman and later sold his stake for a substantial profit.
• His fortune also includes investments in technology and clean energy startups.

Leadership roles in corporations

• Turnbull was a managing director at Goldman Sachs Australia and served on the boards of several public companies.
• An ABC News investigation in 2015 estimated his net worth at around A$200 million (ABC News).

Who was the shortest serving prime minister of Australia?

Earle Page (19 days in 1939)

• The shortest-serving prime minister is Sir Earle Page, who served for 19 days as a caretaker following the death of Joseph Lyons in 1939 (National Archives of Australia).

Turnbull’s tenure in comparison

• Turnbull served 2 years, 11 months — longer than several prime ministers but well short of the average. He is not among the shortest-serving.
• For context, other short-serving PMs include Frank Forde (7 days in 1945) and John McEwen (23 days in 1967–68).

How is Malcolm Turnbull remembered?

Controversial leadership and party splits

• Turnbull is often described as a moderate Liberal who struggled to manage the conservative wing of his party. His downfall is frequently cited as a case study in factional warfare.

Perception as a moderate

• He championed same-sex marriage, enacting it via a national postal survey in 2017. He also advocated for renewable energy and action on climate change, setting him apart from many in his party.

Polls and rankings

• Opinion polling during his prime ministership showed declining approval. In 2018, his net approval turned negative, and he is sometimes included in lists of Australia’s least popular prime ministers.

Comparison to other prime ministers

• When pundits rank prime ministers, Turnbull typically falls in the middle tier — seen as capable but unable to control his party. His legacy is tied to the NEG and the internal battle over climate policy.

For Australians watching the continuing debate over climate and energy, the lesson of Turnbull’s prime ministership is sobering: a leader can have the right policy and still lose the party. The decision for the Liberal Party remains whether to embrace moderation or face similar fractures in the future.

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