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Olympic and Paralympic athletes will share in $283 million of additional funding as Australia lifts its ambitions ahead of the 2032 Games in Brisbane.

Australia's prospects of striking Olympic and Paralympic gold have been given a healthy boost with the nation's biggest-ever investment in high-performance sport.

The country's elite athletes, coaches and support staff will receive an additional $283 million in funding over the next two years, the federal government announced on Friday.

That brings total investment over the period to $489 million, with the government saying the new money would create more opportunities and better development pathways for aspiring Olympians.

The funding includes an uplift in direct sport funding, access to more domestic and international competitions, training, well-being and preparation support.

There is also $17.6 million in grants for athletes to meet cost-of-living pressures.

Australian Olympic Committee president Ian Chesterman said the grants were critical in allowing athletes to put in the huge amount of work necessary to compete on the international stage.

The announcement comes as athletes make their final preparations for the 2024 Paris Olympics, which begin in late July.

While the extra funding will be too late to make an impact in the French capital, it is aimed at increasing Australia's competitiveness ahead of the 2032 Olympics on home soil in Brisbane.

In the May budget, $250 million was set aside to revitalise the crumbling Australian Institute of Sport in Canberra.

"We have said many times that a successful home Games needs a successful home team, so this injection of funds at this time is fundamentally important to that outcome," Chesterman said.

Funding for Australia's Paralympians will more than double, with an additional $54.9 million enabling better access to fit-for-purpose training environments along with specialised coaching and performance support.

The cash injection amounted to "monumental generational change for Para-sport in Australia" after years of underinvestment allowed international rivals to catch up, Paralympics Australia president Alison Creagh said.

Australia are targeting a record Olympic gold-medal return in Paris, with genuine chances in at least 22 sports.

The 17 golds won in Tokyo three years ago and in Athens in 2004 remain the benchmark.

Sports Minister Annika Wells described the investment as the biggest made by any Australian government in Olympic and Paralympic sport, and said the cash injection would "help athletes achieve glory on world stages".