Australian Prime Minister Malcolm Turnbull is on fire after Panama papers document leak linked his financial transactions to a Russian gold mine.

Australian Financial Review broke the news that the Panama papers named Australia's top government leader as one of the former directors of a company set up by law firm Mossack Fonseca to develop a $20 million Siberian gold mine as early in 1993.

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The news, however, reports that "there is no suggestion (Turnbull) had acted improperly," despite his name being included in the leaks.

The news couldn't have come at a right time last Thursday morning now that election campaign is getting tougher. Cabinet secretary Arthur Sinodinos -also facing issues related to political donations - who spoke on behalf of Turnbull on ABC radio.

"Can you hear that noise behind me? That's the noise of a dead horse being flogged," Sinodinos said of the "20-year-old matter."

Turnbull has established for himself a successful career as a merchant banker, being a business partner of former New South Wales premier Neville Wran.

Turnball is just one of the high profile personalities indicted in the Panama Papers leaks. Iceland's prime minister had to resign from his post after his name was dragged on the scandal. British Prime Minister David Cameron is now riding the tough tides after his father's implication on the scandal. He already opened his tax records at the height of his father's business activities.

Labor deputy leader Tanya Plibersek said when asked on ABC News Breakfast that Turnbull can well manage the issue.

"Our PM clearly has questions to answer, we've got the British PM David Cameron who stands up and does full interviews about his father's economic arrangements but we've got a PM who now seems to have some very sharp questions to answer," she said.

TagsPanama Papers, Malcolm Turnbull, panama papers leaks