For decades, space was viewed primarily through the lens of science, national prestige and defence. Today, it is increasingly an economic story.
What was once the domain of governments is rapidly becoming a commercial marketplace encompassing communications, navigation, Earth observation, manufacturing, launch services, and new industries that are only beginning to emerge.
The numbers are striking – while the global economy typically grows by a few percentage points each year, the space economy expands at three times that rate.
Industry estimates suggest the global space economy has already surpassed half a trillion dollars in annual value and could approach or exceed US$1 trillion within a decade. Few sectors can point to a similar growth trajectory.
That is why yesterday the Albanese Labor Government released a new Statement on Space, delivered by Industry and Innovation Minister Tim Ayres, to expand opportunities in areas such as trusted communications, space monitoring, launch and return services, microgravity bio-manufacturing and rugged space robotics.
The statement provides businesses, researchers, investors and international partners with clear signals about Australia’s strengths, strategic differentiators, as well as opportunities for collaboration and coordination.
The statement outlines our priorities and ambitions to see more Australian ideas commercialised, more Australian technology deployed globally, and more of the economic value created here at home.
And the foundations to build off are strong.
Investment in space-related companies through the National Reconstruction Fund is nearing $200 million over the last 18 months, and if you add the private capital it has crowded-in, that’s more than half a billion dollars in new investment.
These targeted investments are strengthening Australian industry and capability while creating high-value jobs and opportunities here at home.
The NRF’s most recent $10 million investment in Southern Launch just a few weeks ago is playing a pivotal role in opening Australia to the global launch and returns market, which increasingly supports innovative industries and services, from microgravity manufacturing to maritime communications.
And the benefits will be realised by everyday Australians, including regional communities.
As Southern Launch becomes a reality, it expects to grow its workforce to 185 full-time jobs, including in regional areas of South Australia.
It’s a blueprint for others to follow.
Gilmour Space Technologies haven’t just been following – they’ve also been a leader in the development of home-grown space technology.
The firm received funding to further scale its Australian-made rocket technology, expand its manufacturing capabilities and grow its Bowen Spaceport – the first Australian spaceport licensed for orbital launch operations.
Gilmour already employs more than 230 people, including across the Gold Coast and the Bowen Orbital Spaceport in North Queensland, and partners with hundreds of Australian companies that make up a complex supply chain.
Australia’s space industry is more than ready to grow. It’s essential we do everything we can to ensure it maintains momentum.
The Australian Space Agency will consult industry, academia and government stakeholders on the action plan that will flow from the Statement on Space.
The specific actions that will support growth of the space sector are expected to be released later this year.
Australia will continue to approach space in the same way we approach global geopolitics – with clarity about our national interests and confidence in our potential.
Andrew Charlton is the Assistant Minister for Science, Technology and the Digital Economy
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