At the launch of the new model at the company's Altona plant, Macfarlane said the major model update involved more parts than a standard mid-cycle model facelift.
"Not only has the overhaul involved more than 800 parts, compared with the 50 to 100 changed in a normal mid-cycle model refresh, it has also been achieved in less time than a standard update," Macfarlane said.
"There are significant changes taking place in the global automotive industry which impact Australia. While manufacturing is undergoing a major transition as the three car-makers wind down production, there can be no doubt that Australia's automotive skills base is world-class, as is evidenced here today.
"We are working closely with the local automotive industry to translate those skills into new sectors and new advanced manufacturing opportunities, including through closer connections between Australian industry and Australian research."
Macfarlane said the Australian Government had made a $23.6 million contribution to the $108.4 million Camry overhaul project as well as contributing $5 million to a complementary $15 million Supplier Productivity and Capability Programme.
This would help Toyota Australia's suppliers improve their efficiency and productivity and diversify into new markets.
"Toyota has been involved in the Australian automotive market since Landcruisers were imported for the Snowy Mountains Hydro Scheme in 1958, followed by the first sales of passenger cars in 1959," Macfarlane said.
"I'm delighted that Toyota will continue to have a strong presence in Australia after 2017 through its Centre of Excellence. This will include a world-class training facility and commercial initiatives that will enhance the company's business.
"The company has also strongly supported the Australian Government's $155 million Growth Fund which is assisting workers, businesses and regions affected by change in the automotive manufacturing industry.
"In particular, Toyota's $15 million contribution to the Skills and Training Initiative will help workers gain recognition for their skills and to train for new opportunities."
