Building an advanced industrial economy to secure Australia’s future
Prime Minister Morrison consistently emphasised the importance of digital transformation across all sectors of the economy. During his address at the Australian e-Commerce Summit in 2020, Prime Minister Morrison highlighted that nearly 90% of Australian businesses had adopted new technologies amid the COVID-19 pandemic, showcasing a rapid shift towards digital operations. He articulated a vision where "every business in Australia is now a digital business," reinforcing the necessity for ongoing adaptation to technological advancement.
Modern Manufacturing Initiative (MMI)
Launched in October 2020 as part of a $1.5 billion Modern Manufacturing Strategy, the $1.3 billion MMI was designed to bolster Australia’s manufacturing capabilities by supporting projects that scale businesses, foster collaboration, and commercialise innovations.
A key element of the programme was the strategic decision to focus on six nominated National Manufacturing Priorities, namely Resources Technology and Critical Minerals Processing, Food and Beverage, Medical Products, Recycling and Clean Energy, Defence and Space.
Grants ranged from $1 million to $20 million, covering up to 50% of eligible project costs and were provided in three streams
Translation: Assisting manufacturers in bringing new products to market.
Integration: Helping businesses integrate into local and global supply chains.
Collaboration: Encouraging partnerships between businesses and researchers to commercialise ideas.
Research Commercialisation Action Plan
Announced in February 2022, the $2.2 billion Research Commercialisation Action Plan aimed to bridge the gap between research and commercial application by aligning research efforts with the six National Manufacturing Priorities, including:
Australia’s Economic Accelerator: A $1.6 billion program providing stage-gated funding to support the progression of research from proof-of-concept to commercialisation.
Trailblazer Universities Program: Allocating $243 million to selected universities to drive commercialisation in priority areas.
CSIRO’s Main Sequence Ventures: An additional $150 million investment to support start-ups and commercial opportunities arising from research.
Industry PhDs and Fellowships: $296 million to fund 1,800 industry-focused PhDs and over 800 fellowships over ten years.
The plan also proposed reforms to university funding and intellectual property arrangements to incentivise collaboration with industry.
Specifically, the Trailblazer Universities Program received $370.3 million from 2022 to 2026 to enhance research capabilities and commercialisation outcomes. Six universities were selected to lead in specific priority areas:
Resources Technology and Critical Minerals – led by Curtin University.
Recycling and Clean Energy –led by Deakin University (REACH) and UNSW in partnership with the University of Newcastle (TRaCE).
Defence – led by the University of Adelaide.
Food and Beverage – led by the University of Queensland (FaBA).
Space – led by the University of Southern Queensland (iLAuNCH).
Each university received $50 million, matched by contributions from university and industry partners. Collectively, the program hs secured over $1 billion in co-investment from 14 universities and 228 industry partners.
The University Research Commercialisation Plan played an important role in driving down unemployment, creating new products and supporting new companies in Australia. By backing our best researchers and their ideas, it ensured Australia’s economy was set up for success into the Future.
Launching Australia into space
Under the Morrison Government, Australia moved to position itself as a sovereign space power closely aligned with allied space initiatives. A key step came in 2019 during Prime Minister Morrison’s first State Visit to the White House, where he announced a $150 million investment over five years (2020–2025) to support Australian participation in NASA’s Artemis Moon to Mars program.
This investment included $50 million for the Trailblazer Program to develop an Australian lunar rover, over $40 million for space demonstrator projects in areas such as robotics, satellite communications, propulsion, and remote medicine, and more than $25 million to assist Australian companies in joining Artemis supply chains.
This funding formed part of a broader industrial strategy to expand Australia’s sovereign space capabilities. At the centre of this effort was the establishment and resourcing of the Australian Space Agency in Adelaide, which oversaw national space policy and regulation. The Government also supported the SmartSat Cooperative Research Centre with $55 million over seven years. SmartSat became Australia’s largest space research and development collaboration, focusing on advanced communications, intelligent satellites, and next-generation Earth observation.
Further investment included $50 million for the iLAuNCH Trailblazer Program at the University of Southern Queensland, aimed at developing satellite servicing, advanced manufacturing, and enhanced ground station networks. Geoscience Australia received $225 million over four years for the National Positioning Infrastructure Capability, upgrading the national satellite network to improve precision positioning across sectors such as agriculture, mining, and construction.
In March 2022, the Morrison Government committed $1.2 billion to the National Space Mission for Earth Observation, supporting the domestic development of four Earth observation satellites. This strengthened Australia’s capacity to collect vital data for climate modelling, disaster response, water management, and agricultural forecasting. Over $300 million was also allocated to support astronomy and deep space infrastructure through the Square Kilometre Array project in Western Australia.
On the defence front, the 2020 Defence Strategic Update marked a significant policy shift by formally recognising space as a warfighting domain. The Government committed $7 billion over ten years to move Australia’s defence forces from passive users of space to active, sovereign participants. Key investments included secure, sovereign-controlled satellite communications (JP9102), high-resolution intelligence, surveillance and reconnaissance capabilities (JP9360) through space-based sensors, and non-kinetic space control and electronic warfare systems (JP9358).
Australia also enhanced its space domain awareness by hosting critical US systems such as the C-band radar and the Space Surveillance Telescope in Western Australia, placing it at the centre of allied surveillance networks. Investment in assured positioning, navigation, and timing systems further strengthened operational resilience in GPS-denied environments.
In 2022, Defence Space Command was established under the Royal Australian Air Force to coordinate space operations across all defence services and engage with international partners, industry, and research institutions. This whole-of-nation strategy — spanning civil, commercial, scientific, and military domains — positioned Australia as a credible space-faring partner and contributor to regional security and technological advancement.
Digital Economy Strategy
On 6 May 2021, the Morrison Government announced an ambitious Digital Economy Strategy to position Australia as a leading digital economy by 2030. This comprehensive plan, backed by over $3.5 billion in investment since 2020, focused on creating jobs and driving economic growth through technology.
The Strategy delivered real outcomes across eight key areas: digital skills development, startup investment, infrastructure expansion, enhanced cyber security, regulatory reform, digital trade, government services modernisation, and emerging technology adoption.
This digital transformation was projected to generate 250,000 new jobs and contribute $315 billion to Australia's economy over a decade, forming a crucial part of the Government's broader economic plan to create 1.3 million jobs by 2027.
Key initiatives included:
The $124.1 million Artificial Intelligence (AI) Action Plan established Australia as an AI leader in the Indo-Pacific, delivering targeted grants to businesses, developing AI Ethics Principles, and creating AI graduate programs to build sovereign capability.
The Consumer Data Right implementation empowered Australians with greater control over their banking, energy and telecommunications data, promoting competition and innovation across sectors.
The $1.2 billion Digital Economy package in the 2021-22 Budget provided tax incentives for digital adoption, funding for AI projects, and support for small business digital transformation.
The myGov upgrade program delivered a more secure, user-friendly platform for accessing government services, with facial verification and improved mobile functionality.
The Digital Skills Organisation tackled Australia's technology skills gap through industry partnerships, creating training programs aligned with employer needs.
The $1.67 billion Cyber Security Strategy strengthened critical infrastructure protection, expanded the Australian Signals Directorate, and helped businesses combat cyber threats.
Through these initiatives, the Morrison Government positioned Australia to compete and succeed in the global digital economy while ensuring Australians benefited from technological advancement.
Fostering Australia’s financial technology (fintech) sector
The Morrison Government also actively supported the fintech sector, recognising its potential to transform Australia's financial landscape. In order to provide foundational support to a booming digital economy, innovation in Australia's financial services sector was boosted through the strategic implementation of open banking and targeted government support. The transformation was marked by progressive regulatory changes, increased data accessibility, and substantial financial backing for fintech initiatives. This period saw the emergence of numerous fintech companies leveraging standardised APIs and consumer data rights, fundamentally reshaping how Australians interact with financial services.
On 10 May 2023, Morrison announced a $200,000 funding grant to FinTech Australia to promote the Australian fintech ecosystem internationally. This funding was intended for marketing activities that would showcase Australian fintech innovations globally.
The Morrison Government took action to grow Australia's digital economy and support fintech - reflecting a proactive approach to harnessing technology for economic recovery and growth. Prime Minister Morrison directed strategic investments and initiatives not only aimed at immediate recovery from challenges, such as the COVID-19 pandemic, but also sought to lay a robust foundation for Australia's future as a global leader in digital innovation by 2030.
Related media:
1. Press release, Australian Space Agency to Adelaide, 12 December 2018: https://pmtranscripts.pmc.gov.au/release/transcript-42020
2. Address, Australian Space Forum, 19 February 2020: https://pmtranscripts.pmc.gov.au/release/transcript-42675
3. Speech (delivered virtually), Singapore FinTech Festival, 08 December 2020: https://pmtranscripts.pmc.gov.au/release/transcript-43167
4. Speech (delivered virtually), The Australian E-Commerce Virtual Summit, 21 October 2020: https://pmtranscripts.pmc.gov.au/release/transcript-43095
5. Press release, A modern digital economy to secure Australia's future, 06 May 2021: https://pmtranscripts.pmc.gov.au/release/transcript-43363
6. Press release, Trailblazer Universities To Build Jobs Of The Future, 24 November 2021: https://pmtranscripts.pmc.gov.au/release/transcript-43673
7. Press release, Fast-Tracking Jobs And Technologies For Space, 25 February 2022: https://pmtranscripts.pmc.gov.au/release/transcript-43821
