The Australian Sports Commission (ASC) will invest $20 million to develop and retain coaches at the Australian Institute of Sport, chairman John Wylie has announced.
Details of Australia's Winning Edge 2012-2022, the high performance game plan were unveiled at the MCG on Friday.
Wylie said The Winning Edge is targeting for Australia to be a top-five nation at the Olympics and Paralympics, top 15 at the winter Olympics and Paralympics, No.1 at the Commonwealth Games and have more than 20 world champions annually.
Talent identification will also become a focus with an annual sports draft camp to be conducted to spot potential champions.
"In the past our international sporting achievements were the envy of the world. However, many countries have now replicated our innovations and tapped in to our expertise," Wylie said in a statement.
"International competition is intensifying and improving all the time and we believe Australians want, and indeed expect, us to respond to the challenge and restore our pre-eminent position in world sport.
"To do this we need a long-term plan to invest in sports where there is the best chance of success, implement a robust and goal-oriented planning cycle and ensure best practice governance and the right support is in place."