PM says politics and sport 'not just about winning or losing' during Olympics dinner

Malcolm Turnbull claims to have something in common with Australia's Olympic hopefuls.

Like the marathon runners approaching the finish line, he too is giving it his all and, like all involved in the July 2 election, is ready to be "fiercely competitive to the very end".

Mr Turnbull made the analogy while hosting the prime minister's Olympians dinner in Melbourne last night.

"It really is the most exciting time to be a prime minister - in an election year and an Olympic year," he said.

"Clearly, the campaign trail and the Olympics are two very different fields of contest.

"But in this longer-than-usual election campaign, I suspect all of us involved have some appreciation for how the marathon runners must feel."

Like sport, politics is not just about winning or losing, he said.

"Ultimately, they are also about the important things we stand for, the values we represent."

Mr Turnbull, an avid kayaker, said many Australians will never know what it's like to compete at an elite level.

"That is why Jessica Fox is such an inspiration to weekend kayakers like me: talent far beyond her years, training day in and day out, with every chance to outperform the best the world can offer."

He acknowledged the presence of former prime minister John Howard at the star-studded affair, as well as former Olympians Cathy Freeman, Ian Thorpe, Dawn Fraser and Danni Roche.

"We are all inspired by these wonderful feats of perseverance, mental fortitude and incredible skill," he said.

Mr Turnbull said he was proud of his government's $500 million in funding to summer Olympics sports and the athlete investment scheme which supports about 800 athletes.

"For the elite athletes in this room, you have the opportunity to inspire the next generation of Olympians," he said.