Funding for Australian cancer research has more than tripled in the past 20 years but experts say more investment is needed to tackle the nation's leading cause of death.

Some $934 million was invested in cancer research from 2018 to 2020 compared to $292 million between 2003 and 2005, according to Cancer Australia's latest audit.

The federal government was the largest funder of research projects and programs, accounting for 58 per cent of direct funding, the findings released on Tuesday show.

But with the disease still the nation's leading cause of death, Cancer Australia chief executive Dorothy Keefe said the funding should not stop there.

"While there have been significant improvements in diagnosis, treatment and survival for a number of cancer types, there are areas where continued efforts are needed," Professor Keefe said.

"We know that research, evaluation and the use of data help our health system to meet current and future health challenges for all Australians affected by cancer."

More than 2,100 Australians were diagnosed with cancer in 2022, with that figure projected to rise to 5,475 people by 2031.

Cancer was responsible for 30 per cent of all Australian deaths in 2020.

The Cancer Australia audit found between 2012 and 2020, more than 4,800 cancer research projects and programs were funded across the country, with a total value of $2.12 billion.

NSW, Victoria and Queensland received 89 per cent of direct funding to cancer research projects and programs during that eight-year period.

Total funding increased for all states and territories except Tasmania.

The audit's findings will provide evidence-based insights to inform future cancer research investment and focus, Prof Keefe said.