Australia will set up its own space agency

Australia on Monday announced the creation of its own space agency to boost the economy and take up space market share of US$330 billion. Prime Minister Malcolm Turnbull said the agency would be part of the economic development of innovation and science in Australia, but the government has not provided specific explanations.

Tinuku Australia will set up its own space agency

"This is a small agent to coordinate and lead. The space sector is, of course, one of the greatest potentials," Turnbull said.

The opposition Labor Party says the national space agency is needed to increase Australia's share of the global space economy. Australian Industry, Innovation and Science Minister Michaelia Cash said a draft agency would be developed by the end of March.

"The global space industry is growing rapidly and is very important for Australia as part of growth. An agency will ensure we have a long-term strategic plan that supports the application of technology and fostering the domestic space industry," Cash said.

Australia in 1967 became one of the first countries to launch satellites, but successive governments have postponed the creation of a state space agency due to funding issues. The government has not announced how much money will be invested into the new agency.