Malcolm Turnbull mocks Donald Trump in leaked Laurie Oakes video

The Prime Minister, Malcolm Turnbull, joined the worldwide lampooning of US President Donald Trump, roasting him over fake polls and having "a Russian guy" as a helper.

Mr Turnbull impersonated the US President at the Canberra press gallery's Midwinter Ball on Wednesday night.

In leaked audio, Mr Turnbull can be heard cracking jokes about his meeting with the President in New York last month.

"It was beautiful. It was the most beautiful putting-me-at-ease ever," Mr Turnbull told guests at the ball.

"The Donald and I, we are winning and winning in the polls. We are winning so much, we are winning, we are winning like we have never won before."

Traditionally, the prime minister and the opposition leader of the day deliver satirical off-the-record speeches at the ball.

But footage and audio of Mr Turnbull mimicking Donald Trump was leaked causing a media frenzy over whether or not the Prime Minister might have angered the US President.

Malcolm Turnbull mimics the US President at the Midwinter Ball in Canberra. Photo: 9news.com.au

Malcolm Turnbull mimics the US President at the Midwinter Ball in Canberra. Photo: 9news.com.au

Audio appeared anonymously on Instagram and Nine Network political editor Laurie Oakes broadcast it on Thursday afternoon saying he was not bound by off-the-record tradition as he did not attend the ball.

Imitating the US President, Mr Turnbull told a laughing audience that polls were "so easy to win... I have this Russian guy".

After the speech was leaked, Mr Turnbull said his comments were light-hearted, affectionate and that he was the main butt of his own jokes.

Speaking on Melbourne radio station 3AW, he expressed mock outrage at the leaking of his speech to the charity ball which over the years has raised more than $3.5 million for various causes.

"It's a breach of protocol, it's a breach of faith," he said. "Next year I expect to read selected passages from Budget Paper No. 2."

The US Embassy in Canberra issued a statement: "We understand that last night's event is equivalent to our White House Correspondents' Dinner. We take this with the good humour that was intended."

The Nine Network moved quickly to turned the Prime Minister's satirical turn to its own advantage. Minutes before Mr Turnbull went on air, 3AW broadcast an advertisement for National Nine News telling listeners to make sure to listen to the PM's "bombshell tape".