The funding includes measures to improve water quality by encouraging better farming practices, scientific research towards reef restoration and building more resilient coral by tackling the coral-eating corn of thorns starfish.
The funds will also help with tracking threatening species and developing coral that's more resistant to high temperatures and light stress.
The new funding from Australian government will allow the Great Barrier Reef Foundation to improve the long-term health of the reefs.
The Australian government describes this investment as the largest single investment for reef conservation and management since the country was born.
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Greenpeace's CEO for the Australia Pacific region said the investment did nothing to tackle the impacts of climate change at the source.
"As a highly respected philanthropic organisation, the Great Barrier Reef Foundation has a strong fundraising track record, and will seek corporate contributions to further enhance this work", the prime minister said.
Climate change was determined several years ago to be the most significant threat to the Reef. He commented on Twitter that "you can not "rescue" the Great Barrier Reef without cutting carbon emissions".
Australia's Great Barrier Reef is one of the seven wonders of the natural world, and the only living thing that's visible from space.
"It's not working, it's not achieving major water quality improvements", he told Reuters by telephone on Sunday.
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"With this announcement, the government is providing guaranteed funding for the future stages of these programs like field management and crown-of-thorns starfish control".
"Today's major investment brings real solutions within our grasp", he said.
The Authority's future funding has also been secured with an additional $10 million in annual funding from 2022-23.
"It enables us to boost our efforts - there will be more people on the ground to ensure compliance, to undertake island and reef restoration activities, and respond to incidents, which will support the ability of reefs and islands to recover after disturbance".
The new package build on the joint $2 billion Australian and Queensland Governments' Reef 2050 Plan.
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Unfortunately, the $379 million plan ($500 million in Australian dollars) doesn't deal with the biggest issue of all: Rising sea temperatures.