The MV Krait was acquired by the Australian War Memorial in 1985, and displayed for several years by the Sydney Maritime Museum, which also took over the task of maintaining the vessel. In 1988 she was loaned to the Australian National Maritime Museum at Darling Harbour, where she has been displayed since 1988. In 2017 extensive restoration work on the MV Krait commenced.
Shipwrights and conservators are working to restore the hull, replace the decks and return the vessel to its wartime configuration. Unfortunately, some original material (such as decking timbers and nails) could not be salvaged. Owing to their historical significance, these materials have been retained.