National public health awareness campaigns that emphasize peer-to-peer support are being increasingly adopted by governments and NGOs, but evidence on the effect of peer-based support programs at scale is limited. Using quasi-experimental methods, we examine whether a prominent, nationwide peer-based support campaign, “R U OK? Day”, that addresses awareness of mental health and suicide prevention affects short-term mental health outcomes in Australia. Using variation in daily records and differences in the campaign’s intensity over nine years, we find positive effects on mental wellbeing, particularly among middle-aged males, with improved social support the likely mechanism. However, we find no evidence that this effect translates into reduced suicides or suicidal behaviours in the short term. Our results provide evidence that peer support campaigns may be a practical, low-cost approach to improve population mental wellbeing.