The brand, which passed to US ownership way back in 1935, is manufactured in Port Melbourne, Victoria to the tune of 300,000 jars a day, but was owned by food giant Kraft and then Mondelez International. It now it returns to a true Australian product along with ZoOSH mayonnaise and Bonox beef extract, prompting a 15% rise in shares following the announcement.

Bega Cheese Executive Chairman said: “The wonderful heritage and values that Vegemite represents and its importance to Australian culture makes its combination with Bega Cheese truly exciting,”