"Cyber security is a key priority for government and industry alike. This announcement includes some significant initiatives that will improve and strengthen our joint efforts in the fight against cyber threats," the spokesman said in a statement.
Trend Micro Australia and New Zealand managing director Sanjay Mehta said the funding sent a "strong signal" that the Australian government viewed cyber threats as a credible threat to national security.
"Whether or not the figure [of $1.46 billion] announced is sufficient or not, this is something that only time will tell, but it's certainly a step in the right direction," he said in a statement.
"If business and government cannot confidently do business online then this will be a huge drag on the economy as a whole."
Mehta added that it will be "interesting" to see how the Australian Cyber Security Centre and the National Broadband Network (NBN) interact as the network will see every Australian resident, business and government department connected with an unlimited amount of bandwidth.
"This is a huge carrot to cyber criminals but we cannot be scared of this threat because the opportunities are so huge," he said. "This means that we need a centralised approach to cyber security in Australia in preparation for the NBN connected future."
Palo Alto Networks Australia and New Zealand senior consultant Tony Kirkham said that while the government cyber security initiative will have a positive impact, attacks are constantly evolving and require constant vigilance for Australia to remain adequately protected.
"It is vital that government agencies, state governments and the private sector maintain awareness of cyber-security risks and ensure that appropriate security controls are deployed."
Sign up for CIO Asia eNewsletters.