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Vice-chancellor Dawn Freshwater said the money would be used to attract the best talent to the university."We see this as an opportunity to build a powerhouse of activity in areas that are really going to be life-changing and making a real difference to the communities both locally, regionally, nationally and internationally," she said.
Mr Forrest was the Western Australian nominee for the 2017 Australian of the Year for his work in highlighting Indigenous disparity and advocating for the end of modern day slavery.
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The Australian Lottery and Newsagents Association (ALNA) is the peak industry body representing Australian newsagencies and lottery agents.
Mr and Ms Forrest have a long history of donating to philanthropic causes."I have been very fortunate, with my wife, Nicola, to be able to accumulate capital, and then as soon as we can to commence giving it away," Mr Forrest said."Fortunately, we don't have to do that now, thanks to the strength of the iron ore sector."Mr Turnbull said the money would be put to a range of initiatives, including fighting cancer, investing in higher education, and ending slavery.
The University of Western Australia, which has benefited from Mr Forrest's philanthropy in the past, will receive million of the donation.
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In the event that both fighters gain equal scores from the judges, the fight is considered a draw (professional boxing).