The nation's Parliament House will need more than $300 million spent on it over the next decade.
With much of the Canberra building's infrastructure nearly 30 years old, a 14-volume condition report has found significant problems with its stormwater drainage, toilets and chillers.
Parliament's 43 lifts are in urgent need of repair with Speaker Bronwyn Bishop noting, in the report tabled on Thursday, the concern that senators and members could miss votes in the chambers.
There is also a warning some aspects of the building might not meet current legislative requirements outlined in the national construction code, the Disability Discrimination Act and the Work Health and Safety Act.
The security system in place, which is being upgraded due to the increased terror threat, was assessed as only in "average or moderate condition".
Following a building assessment, the verdict is parliament requires a 10-year upgrade at an estimated cost of $330 million.
All up, it needs $600 million spent on it over the next 25 years.
The building, which originally cost $1 billion, is now believed to have a value of nearly three times that.
It was designed to last 200 years and the appraisal found it remained structurally sound.
The presiding officers said the government had agreed to give the Department of Parliamentary Services an extra $98 million over the next four years, including $23 million in 2015-16.
During the next financial year lifts will be upgraded and chillers replaced.
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