Mr Rudd praised Mr Lowy's courage, resilience, compassion and engagement with the community.
"Frank, you're not only a decent bloke, but in your life, which I have observed for a long time, I see these values writ large," Mr Rudd said.
Echoing Mr Murdoch's comments, the Prime Minister described Mr Lowy's life story the stuff of legend after he had emerged from the absolute horror of the Holocaust and found his way to Australia.
Prominent guests last night included federal Opposition Leader Malcolm Turnbull, Deputy Opposition Leader Julie Bishop, former Labor prime minister Bob Hawke and his wife, Blanche d'Alpuget, former Australian Defence Force chief Peter Cosgrove, the Rudd Government's climate change adviser, Ross Garnaut, Telstra chief executive Sol Trujillo and Business Council of Australia chief Katie Lahey.
Mr Lowy was accompanied by his wife, Shirley, and his son Stephen, who is deeply involved in an executive role in the property empire.
The event was hosted by Sydney radio broadcaster Alan Jones.
No mention of Lowy's ongoing tax investigations, of course. Or his company's plummeting share price. The whole thing was a show of force from the people who support Lowy.
Also no mention of News Corp's $9 billion quarterly loss, or the company's looming job cuts...