Morrison said on Thursday that the 1.5 billion Australian dollar (1.1 billion U.S. dollar) Modern Manufacturing Initiative would secure vital supply chains.
Under the plan the country's existing mineral and resources sector will be leveraged to manufacture new technologies including renewable energy systems, electric vehicles and mobile phones.
Businesses will be given grants worth up to 20 million Australian dollars (15.5 million U.S. dollars) to scale-up their manufacturing and commercialize products.
Morrison said that the initiative would help translate Australia's natural resources into valuable products.
"Our Modern Manufacturing Initiative will help position Australia as not just a global leader in the resources sector but also in the manufacturing of the technology used, as well as turning the raw materials into value-added products," he said.
The government has previously identified manufacturing as an industry that can lead Australia's recovery from the coronavirus economic crisis.
Karen Andrews, the minister for industry, science and technology, said that under the initiative the government would support businesses to "turn innovative ideas into high-value products."
"Opportunities outlined in the road map include turning critical minerals into high-value products like batteries and solar cells, as well as technologies and equipment that makes mining more efficient and safe," she said.