The Albanese government will boost funding to CSIRO by $387.4m in a bid to meet the long-term costs of the national science agency.

It follows months of advocacy by scientists and staff after hundreds of job cuts and cost-cutting measures.

The funding, over four years, will support facilities and technology upgrades and research and is on top of the agency’s existing $1b in annual funding.

The announcement is not expected to reverse recent decisions to slash hundreds of jobs but it is hoped it might mean further job cuts are avoided.

CSIRO’s annual funding as a percentage of GDP had been falling, with a parliamentary library analysis commissioned by ACT senator David Pocock finding it was at its lowest since 1978.

Pocock said the additional $387.4m was welcome and “reflects huge and effective advocacy from scientists, staff and the community”.

“Tens of thousands of people signed my petition to save CSIRO, and alongside other senators I pushed for a Senate inquiry into the agency’s resourcing because Australia can’t afford to keep hollowing out public science.”

He said after years of declining investment, more funding was still needed. He said investments in research and development were at record lows and further investment could be funded if the government adopted a 25% tax on gas exports.

“I’ll keep pushing the government to back the science and scientists we need to meet the huge challenges ahead,” he said.

The finance minister, Katy Gallagher, said the money would give the agency “stability” to deliver the science and research “that matters to Australians every day”.

The government said the investment aimed to ensure CSIRO could meet its longer-term costs of “operating critical science and research infrastructure, and at the same time, maintain greater workforce stability”.

“Publicly funded science is absolutely critical to the national interest and to solving some of Australia’s biggest challenges,” said the science minister, Tim Ayres.

“I am incredibly focused on backing CSIRO to strengthen the role it plays in making life better for all Australians.”

The government also announced a further $38m in annual funding for the Australian Centre for Disease Preparedness from 2030-31.