Melbourne’s La Trobe University will get a slice of the Australian Government’s Food Industry Innovation Precinct $504.5 million payout, with the announcement of a base at the university’s Bundoora campus.

The Food Industry Innovation Precinct scheme is designed to increase the value of Australia's food exports over the next few years, towards a target of 45% more value by 2025.

"The industry is already a major exporter, however the precinct will ensure it is able to develop the capacity and capability to take advantage of export industries in the Asian century... this industry-led initiative will help to make the food sector more attractive to investment,” Minister for Climate Change, Industry and Innovation Greg Combet says

The Bundoora site is already set up with plant and food laboratories and has close connections to the dairy, confectionary, meat and cereal industries. La Trobe will host the precinct for 12 months, allowing other sites to complete their proposals to permanently house the precinct.

The Industry Innovations Precincts Program is a part of the Australian Government's $1 billion Plan for Australian Jobs.