The amount was not specified due to what the government said were national security reasons.
The Budget papers say the money will be for mitigating potential threats through enhanced monitoring and response capabilities.
It will also be spent towards the creation of cyber "Sprint Teams" within the Australian Cyber Security Centre and a Cyber Security Response Fund.
The networks of the three major political parties — Liberal, Labor and National — were also infiltrated.
Last month, the Australian Signals Directorate said the investigation into the hack was still ongoing and that there would be no comment at this stage.
Commenting on the fund allocation, Bede Hackney, ANZ country manager of security outfit Tenable, said: "Rising geopolitical tensions and an expanding attack surface have left governments and businesses vulnerable to targeted cyber attacks. Cyber crime is relentless.
"In fact, the 2018 Global Business Risks report from the World Economic Forum ranks cyber attacks as the No. 3 global risk in terms of likelihood, behind extreme weather events and natural disasters.
"A recent report by the Ponemon Institute, on behalf of Tenable, found that 60% of organisations represented in the study had suffered two or more business-disrupting cyber events in the last 24 months alone.
“The threat of a major cyber attack in Australia cannot be overstated. This funding will bolster Australia’s cyber security capability and go a long way in delivering the solutions which ensure the safety of its businesses and citizens.
"Cyber security must be a strategic focus and the government should be commended for acting now."