The Federal Government has announced a $535.5 million funding boost for the country's nine National Collecting Institutions (NCIs) over the next four years. 

The announcement was made following concerns from the institutions about funding neglect, which led to maintenance issues and possible staff cuts or entry charges.

Finance Minister and ACT Senator, Katy Gallagher, says financial support in the upcoming May budget would reverse the state of disrepair that the institutions currently found themselves in. 

Gallagher highlighted the importance of the institutions in preserving Australia's national story and attracting visitors to the Canberra region.

“The institutions are often the gateway to attracting visitors to the Canberra region and are a key driver of the ACT economy, so this funding will ensure local jobs and the tourism sector are supported into the future,” she said.

The National Library of Australia is set to receive the most significant share of the funding, with $146.2 million allocated to the institution. The National Gallery will follow with $119.1 million, while the National Museum of Australia will receive $78.4 million, and the Museum of Australian Democracy, at Old Parliament House, will receive $37.9 million.

The remaining five NCIs will receive funding ranging from $20 million to $40 million over the next four years.

Arts Minister Tony Burke said the funding would restore Australia's national institutions “back to where they should be” and would allow visitors to enjoy exhibits without worrying about the physical integrity of the buildings.

“It is a disgrace that the former Coalition government allowed these institutions to fall into such a shocking state of disrepair,” Burke said.

Earlier this week, the government also announced that it would take steps to secure the long-term future of the National Library's digital archive Trove.