Australia to create its own space agency for economic boost

Australian Prime Minister Malcolm Turnbull speaks during a press conference in Sydney, Monday, Sept. 25, 2017. Australia announced on Monday it would create its own space agency to increase its share of the $330 billion space economy. Turnbull said the agency would be part of Australia's development of an innovation and science economy. But the government has provided few specifics. (Mick Tsikas/AAP Image via AP)

CANBERRA, Australia — Australia announced on Monday it will create its own space agency to increase its share of the $330 billion space economy.

Prime Minister Malcolm Turnbull said the agency would be part of Australia's development of an innovation and science economy. But the government has provided few specifics.

"It's a small agency to coordinate and lead," Turnbull told reporters. "The space sector, of course, is one of enormous potential."

Acting Minister for Industry, Innovation and Science Michaelia Cash said the agency's charter would be developed by the end of March.

"The global space industry is growing rapidly and it's crucial that Australia is part of this growth," Cash said in a statement.

"A national space agency will ensure we have a strategic long-term plan that supports the development and application of space technologies and grows our domestic space industry," she added.

The opposition Labor Party said such an agency was needed to increase Australia's share of a global space economy from less than 1 percent of what the government estimates is worth $330 billion.

Labor said Australia and Iceland were the only countries in the 35-member Organization for Economic Cooperation and Development that do not have a space agency.

Australia in 1967 became one of the first countries to launch a satellite and images of astronaut Neil Armstrong's first steps on the moon were transmitted by NASA's Honeysuckle Creek tracking station in Australia.

But successive governments have baulked at establishing a space agency because of cost. The government has yet to announce how much it will invest in the new agency.

Must Read

Indonesia, Australia agree to closer naval...

Feb 26, 2017

Indonesian and Australian leaders have committed to freer trade and closer naval cooperation as...

Gold medalist Roche to challenge IOC VP Coates in...

Mar 20, 2017

International Olympic Committee John Coates will have his leadership of Australia's Olympic...

More speed, but will Formula One be more of the...

Mar 23, 2017

New regulations mean the cars should be faster and the competition more intense, yet most...

Australian leader promises help on housing...

Apr 5, 2017

Australia's prime minister is fending off criticism over tax concessions for investors in booming...

Nauru president: Australia's refugee policy...

Apr 6, 2017

Nauru's president said Australia's policy of sending asylum seekers to his nation was "working...

People also read these

Australians doubt Trump's commitment to its...

Feb 24, 2017

Some Australians doubt Trump's commitment to its traditional ally; others think their PM will get...

Israeli premier calls 1st visit to Australia...

Feb 26, 2017

Benjamin Netanyahu has described his visit to Australia, which is a first for a serving Israeli...

Vettel's drought-breaker for Ferrari sets up F1...

Mar 27, 2017

With Sebastian Vettel ascending the top of the podium in his red Ferrari race suit, the new...

Powerful cyclone slams into Australia's tropical...

Mar 28, 2017

A powerful cyclone has slammed into Australia's tropical northeast coast, tearing down trees and...

Australian senator breastfeeds baby on floor of...

May 10, 2017

An Australia senator has made history by breastfeeding her infant daughter on the floor of the...

Sign up now!

Three Sixty Press is your general news coverage keeping you up-to-date with the vast news in the world.

Contact us: sales@threesixtypress.com