Australia will join the growing global space industry after the Turnbull government committed to the creation of a national space agency.
The federal government hopes the agency will be able to take a slice of the $420 billion aeronautical industry and in turn, will create thousands of new job opportunities.
The announcement comes after calls from the International Astronautical Federation, which is holding is annual conference in South Australia, and Adelaide-born astronaut Andy Thomas for Australia to join the industry.
"The global space industry is growing rapidly and it's crucial that Australia is part of this growth," Acting Science Minister Michaelia Cash said in 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.