In a year when the focus will be on winning medals at the London Olympics, $170 million has been allocated to the development of elite athletes.
"Australia has a proud international sporting record and our investment in innovative high performance sport programs can help add to that record," Sports Minister Kate Lundy said.
But the kids playing after-school sport won't miss out, with grassroots sport to receive $120 million.
"By investing in community participation programs, the government is harnessing the power of sport to strengthen communities and encourage Australians to lead active lives."
Nearly $40 million has been set aside for the continuation of the Active After-School Communities Program for the 2013 school year.
The government is making a one-off grant of $3 million to help the AFL establish the Jim Stynes Achievement Scholarship scheme.
Named after the Melbourne Demons star who died from cancer earlier this year, scholarships worth $20,000 will be provided to 37 recipients a year.
Senator Lundy said the spending shows the government considers sport to be "an integral part of Australian life".
The SCG, Adelaide Oval and Bellerive Oval will also benefit from multi-million upgrades in time for the 2015 cricket World Cup.
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