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The Australian government has announced funding to save the country's top cultural institutions from a state of disrepair.

Prime Minister Anthony Albanese and Tony Burke, the minister for the arts, on Wednesday said that the federal budget for 2023-24 will include A$535.3 million ($361 million) to preserve the nine National Collecting Institutions (NCIs), reports Xinhua news agency.

The nine museums, archives and galleries, seven of which are based in the Australian Capital Territory, house approximately 54 million objects.

Despite their cultural value, the institutions have long complained about funding shortfalls that have left them unable to maintain aging buildings.

The funding will be provided to the National Film and Sound Archive, National Gallery of Australia, National Library of Australia, National Museum of Australia and so on.

In addition to the funding, Albanese said a clear line of government oversight of works undertaken at the NCIs will be established to ensure they never again fall into disrepair.

"I want all Australians to be able to visit, appreciate and learn from these institutions for generations to come," he said in a media release.

"These are special places and we should be proud of them. They preserve, protect and celebrate Australia's stories and history," the Prime Minister said