Some of that money was used to set up what Labor describes as a "ministerial slush fund", now called Catalyst.
In anticipation of the election being called, arts minister Mitch Fifield has shovelled out $24 million of funding in the past two weeks - the last half of it on the same weekend the election was called.
Labor's arts spokesperson Mark Dreyfus accused the government of doling out money in a way that "undermines the principle of independent, arms-length arts funding".
"It is shameful," he told BuzzFeed News.
"Throwing $24 million at a random group of arts projects from the minister’s personal slush fund, some of them in marginal Liberal seats, is no way to treat arts funding in Australia".
Dreyfus told BuzzFeed News that Labor would return lost money to the Australia Council, abolish Catalyst and "rebuild the trust and confidence in the arts sector which has been trashed by the Abbott-Turnbull government".