MELBOURNE, Jan 8 - The package, to be announced on Monday, will include a $46 million boost for beyondblue's education drive.
Teachers will be given advice to identify mental health issues in the classroom.
Other organisations to benefit from funding increases include Emerging Minds, headspace, ReachOut, Kids Helpline and Orygen.
Education Minister Simon Birmingham said teachers were often at the coalface on the issue and needed extra support to help students.
"As a dad, I appreciate that far too many young Australians - around four million Australians overall every year - will face some mental health challenge and it's really critical that support is there," he told the Nine Network.
Headspace chief executive Jason Trethowan said the stigma of getting help for mental health issues was disappearing.
"There's no reason why a young person should suffer in silence," he told ABC TV.
Australian readers seeking support and information about depression can contact Lifeline on 13 11 14.
Kids Helpline 1800 55 1800 (for young people aged 5 to 25).