Malcolm Turnbull says it's no secret he's wealthy, but he pays his fair share of tax.
The prime minister on Thursday faced a second day of questioning about his multi-million-dollar investments in managed funds based in the Cayman Islands.
Mr Turnbull argued almost all members of parliament and many more Australian workers had money in superannuation funds which invested via the Cayman Islands.
The website for Australian Super, of which Opposition Leader Bill Shorten was a former director, shows the $91 billion fund has a 0.24 per cent exposure to the Caymans.
Manager of opposition business Tony Burke followed up on Mr Turnbull's answer, accusing the prime minister of being "out of touch".
Mr Turnbull, whose investments have been publicly disclosed and approved under the ministerial code of conduct, accused Labor of playing dirty politics.
"If the honourable member (Mr Burke) wants to go round wearing a sandwich board saying `Malcolm Turnbull's got a lot of money' feel free - I think people know that I've got a lot of money," he said.
Shadow attorney-general Mark Dreyfus asked why Mr Turnbull felt it appropriate to invest in an "exclusive fund registered in a notorious tax haven" when the government was working with other G20 nations to crack down on profit shifting and tax evasion.
Mr Turnbull said had he invested in Australian-based funds it was more likely that a conflict of interest could arise, especially as his former job was communications minister and many domestic funds invested in Telstra.
If Australian investors put money into a managed fund located in the United States there would be a 15 per cent US withholding tax.
"So the choice of the offshore vehicle actually means that more tax is paid in Australia than otherwise," he said.
"The same amount of tax is paid but more of it is paid in Australia."
Mr Turnbull could not say when he found out the investments were based in the Cayman Islands as they had been arranged by his New York-based wealth manager.
Mr Shorten told reporters it was a legitimate line of questioning.
"There couldn't be a bigger gap or difference behind Malcolm Turnbull and his millions of dollars sent to the Cayman Islands and the superannuation of ordinary Australians," he said.
"We are uncomfortable some people can shop around and get the best deals and minimise their tax, and the rest ... can't afford to go shopping in some of these exclusive tax jurisdictions."
Greens leader Richard Di Natale said it was not a "good look" for a prime minister to use a tax haven, but he would not be pursuing it.
"My inclination in this place is to focus on the ball and not the man."
