It comes after the Morrison government stepped in to ensure the National Archives of Australia could save at-risk records with an injection of $67.7 million. The National Library of Australia's Trove website will also receive $5.7 million over two years.

Both organisations are racing to digitise their at-risk magnetic tape records, fearing historical video and audio files may be left destroyed. The NFSA has struggled with funding in recent years, with eight staff members being made redundant in 2019.

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The NFSA will be preserving material from seven other institutions.

Material to be preserved includes the Australian War Memorial's peacekeeping collection and a home-movie collection depicting Australian life throughout the 20th century.

The personal recordings of Sir Robert Menzies and important cultural material held by the Australian Institute of Aboriginal and Torres Strait Islander Studies will also be digitally preserved.

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Minister for Communications Paul Fletcher said the funding towards the National Library will support the digital collection Trove until June 30, 2023.

"Trove provides online access to more than 6 billion items of Australian and online resources," he said.

"[It receives] approximately 30 million visits each year."

ACT senator Zed Seselja said the funding would benefit Canberra's economy.

"Our national institutions play an important role in the Canberra economy, traditionally attracting millions of visitors a year providing a boost to our tourism and hospitality sectors," Senator Seselja said.

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