The Australian Government's youth media festival "Noise" has not filed ASIC returns since 2002 despite receiving more than $4.8 million in Commonwealth funding in that time, an investigation by Crikey has revealed.

The Noise festival is an online youth media initiative of the Australia Council and represents one of the Council's largest items of expenditure in the youth arts sector. The festival has an international reputation and enjoys a high profile due to its many media partnerships and content tie-ins.