Company chairman Anthony Pratt was joined by Prime Minister Malcolm Turnbull in revealing details of the program which will create an additional 5000 manufacturing jobs over the next decade.

A company spokesman confirmed Wodonga would “benefit from the capital spending program”, but was unable to release details.

The Tumut pulp and paper mill has undergone a $100 million upgrade.

Wodonga's Visy Board corrugated cardboard box factory, opened in 2003 by the company founder and billionaire, the late Richard Pratt, is a customer of the Tumut mill.

It is one of the city’s biggest employers providing more than 200 jobs with a similar figure at Shepparton.

Mr Pratt said the Tumut upgrade was the first of a series of investments by the company in the next 10 years.

“The $2 billion investment pledge I’m announcing today will be spent expanding Visy’s manufacturing capabilities throughout Australia including new investments in clean energy, recycling infrastructure, paper mills, corrugated box plants and other forms of packaging,” he said.

“In contrast to some sectors like the car industry which appear to have given up on Australian manufacturing, we at Visy are committed to Australian manufacturing for the long term.”

The company anticipates the multiplier effect of its $2 billion investment to create 5000 manufacturing jobs directly will be the creation of an additional 13,000 indirect jobs plus about 14,000 construction jobs.

“More investment means more jobs” Mr Turnbull said.

“Businesses have got to manage their own affairs, but I think the track record of Visy is one of constant investment.”

In 2011, Visy successfully fought plans for a low-density housing estate to be created on the hill behind the West Wodonga factory.

It argued any expansion plans would be killed off and potentially forced to shut.