A declassified independent intelligence review found while agencies had been successful in protecting national interests, more should be done to ensure Australia was as secure as it could be.
Among the 67 recommendations was an economic security function be set up in Treasury to protect against financial threats.
The review said economic decisions within the government was an area where national security risks were "becoming more challenging to manage".
"In our judgement, a system re-design is needed," the review said.
Treasurer Jim Chalmers said national security and economic security were becoming more connected.
"So much of the uncertainty and risk that we see in the world, the geopolitical uncertainty, has an element of economic consequences attached to it as well," he told reporters in Canberra on Friday.
"National security and economic policy have become more and more intertwined. They've always been intertwined to some extent, but they're now almost inseparable from each other."
The report said economic security threats had increased since the last time a review was carried out in 2017, due to shifting global tensions.
"One (change) is a much more contested global order defined by tense competition between nation states and especially between the United States and China," the review said.
"(Another change) is a new era of global economic fragmentation, economic nationalism, coercion and protectionism, derisking, and industrial strategy."
The review also called for a more co-ordinated approach to security policy.
"In a high-stakes era, we have identified areas in which greater – or different – collective responses are required so that the intelligence community can more effectively serve the national interest," it said.
The review was announced by Prime Minister Anthony Albanese in 2023 and was handed down in 2024, but only made publicly available on Friday.
Mr Albanese said $44 million would be spent over the next four years to respond to the recommendations of the review.
"Our hard working intelligence agencies are crucial in safeguarding Australia's national security, and we have full confidence in their capacity," the prime minister said.
"We will continue to invest in capability to ensure Australia's intelligence community can deal with emerging threats and challenges."
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