The Coalition has announced plans to boost measures against the financing of terrorist organisations from within Australia.
$20 million of the country's $630 million counter-terrorism package will go towards the government's money laundering regulatory body, AUSTRAC, to improve detection and disruption of funds intended to help fund terrorist operations.
A joint statement by the Prime Minister and Attorney-General warned that those found guilty would face severe penalties with the possibility of life imprisonment.
"Anyone who chooses to support terrorists is playing a direct part in the atrocious and violent acts they commit, and is putting Australian lives at risk," the statement said.
New measures will include increasing the number of analysts and improving current intelligence systems.
AUSTRAC's latest report revealed that while the extent of terrorism financing in Australia was relatively low, the practice still posed a serious threat national security.
"It can fund the activities of domestic extremists, including attacks on Australian soil...[or] help sustain terrorist groups overseas and support foreign attacks and insurgencies," Chief Executive Officer, John L Schmidt, wrote.
A recent Newspoll published in The Australian revealed that a majority of Australians now favour military intervention against Islamic State extremists.
US President Obama today reached out to international allies, including Australia, to help in its plan "eradicate" the IS "cancer".