Australia's underage drinkers consume more than 175 million drinks a year and feed $107 million directly into government coffers, according to a new report highlighting "alarming" rates of illegal alcohol consumption.

Specialists from the National Drug and Alcohol Research Centre say their findings show "getting pissed" is still a firm priority for young Australians - but the money they spend on drinks is doing nothing to help curb the problem.

"We've shown teenage drinking is a big money spinner for the government," said Dr Christopher Doran, lead author of the study in the journal Addictive Behaviours.