After four years, the centre is expected to be self-sustaining, with a focus on delivering commercial outcomes with industry-wide impact within market, value chain and technology issues.

The initiative represents part of a broader $188.5 million investment package confirmed today in a joint statement from Industry Minister Ian Macfarlane and Prime Minister Tony Abbott.

The "industry innovation and competitiveness agenda" will seek to exploit new global markets and supply chains, invent and commercialise new products and serves while generating new jobs in five key economic sectors.

The program will develop via a staged roll-out starting early next year.

The mining growth centre will have access to grants of up to $1 million - which must be matched by the company - from $60 million of total available research funding.

A further $63 million will be accessible for the development and delivery of large-scale collaborative projects to build capacity and competitiveness.

Over the coming weeks, a series of stakeholder roundtables will be held across the country as a first step in consulting with industry and research on the implementation of the agenda.

The Macfarlane announcement framed the plan as a strategy to bring together expertise from business and industry, the scientific and research communities and the university sector.

"Currently fewer than 5% of Australian businesses turn to the higher education sector - including scientists and researchers - directly for expertise and ideas," the Industry Ministry said.

"Collaboration between business and research has proven to be the basis for enhanced international competitiveness in other countries."