For the first time, smaller players have an advantage over large corporations 

https://www.weforum.org/agenda/2020/07/small-independent-manufacturers-could-be-crucial-to-reshaping-industry-post-covid-here-s-why/

Today's global manufacturing system is part of a complex and highly integrated value chain, making it prone to fluctuations in global input costs and the Australian dollar. The value chain includes 'cutting edge' science and technology, innovation, skills, design, systems engineering, supply chain excellence, and a wide range of intelligent services. It also includes energy-efficient, sustainable and low-carbon manufacturing. In one sense the growth of 3D printing (additive) and digital manufacturing generally is driving this transformation.

Australia has a rich tapestry of SMEs from software and product developers such as Grey Innovation (the company recently contracted by the Australian Government to make ventilators) through to key suppliers  in  global value chains.

In short, for the longer term benefit to Australia, advanced manufacturing needs to be understood as the establishment of industrial ecosystems where 'value add' can be maximised through the growth of technology-enabled firms which transform away from just assembling and/or integrating imported componentry.