The Turnbull Government will establish the first Australian Space Agency on July 1st 2018, helping our businesses win a greater share of the multi-billion dollar global space market and establishing a new industry with the potential to create 20,000 jobs.
Australia has strong capability in space-related industries. We are world-leaders in automated mining and precision agriculture, and we have immense expertise as an advanced manufacturing nation.
The global space economy is worth around USD 345 billion, and growing at nearly 10 percent a year, and yet, despite the outstanding capability here on our shores, Australia only accounts for 0.8 percent of the global space economy.
We have a fantastic opportunity to triple the size of our domestic space industry to up to $12 billion by 2030 and create a new industry, and jobs, for Australians.
The Turnbull Government is grasping this opportunity and investing $41 million to establish our first-ever national space agency.
This includes an initial fund of $15 million to kick-start our investment in international missions and projects so we can provide Australian businesses with immediate access to this global industry.
The agency will support the long-term development and application of space technologies, growing our domestic space industry and securing our place in the global space economy. It will operate from 1 July 2018.
Dr Megan Clark AC will lead the agency for its establishment and first year of operation. Dr Clark is a former head of CSIRO, a pre-eminent member of the science community and universally respected by industry and academia.
The Government also released the Expert Reference Group Report today, which advised government of Australia’s immense potential as a participant in the global space market; and the Government’s response, setting out its commitment to growing our space industry and creating more Australian jobs.
The Government is also investing more than $260 million to develop world-leading core satellite infrastructure and technologies, including better GPS for Australian business and regional Australians and improved access to satellite imagery.
Making the announcement today at Woodside in Perth, Minister for Jobs and Innovation, Michaelia Cash said the global space industry was growing rapidly and it was crucial that Australia was part of this growth.
“We have an extraordinary opportunity to increase our share of the growing global space economy.
“Space technologies are not just about taking people to the moon, they open up opportunities for many industries, including communications, agriculture, mining, oil and gas.
“An Australian space agency will support the long-term development of space technologies, grow our domestic space industry and secure our place in the global space economy.
“Through our $300 million investment in space industry and technology, the Turnbull Government is allowing businesses across the economy to prosper, enter new markets and create jobs.”