A globally responsible and respected space sector that lifts the broader economy, and inspires and improves the lives of Australians.
The Australian Civil Space Strategy 2019–2028 (the Strategy) sets out a plan to diversify the economy, connect internationally, develop national capability in areas of competitive advantage, ensure the safety and security of our sovereign space infrastructure and activities, and inspire and improve the lives of all Australians. It also makes it clear that meeting Australia’s international obligations, and supporting rules-based order, are central to achieving the vision.
Future of the Australian space sector
The space sector is growing rapidly – and is a significant part of the ‘fourth industrial revolution’. The space industry is worth US$350 billion today, and is forecast to grow to over $US1.1 trillion by 2040. In Australia alone, the space sector is growing strongly and outperforming the broader economy. The Australian space sector is expected to grow at an annualised 7.1 per cent over the five years through 2023–24. The industry value added over the decade to 2023–24 is also expected to grow at an annualised 8.6 per cent, compared to an expected growth in Australian GDP over the same period of 2.7 per cent.
To realise this potential growth in Australia, focus and a sustained nationally coordinated effort is required. The Australian Space Agency (the Agency) was established to provide this national focus, and to create and sustain the conditions necessary to grow Australia’s space sector.
By leveraging our competitive strengths, addressing our challenges, and engaging with risks, Australia aims to significantly grow its market segment from around 10,000 jobs and a market size of $3.9 billion to up to another 20,000 jobs and $12 billion by 2030, with further jobs and economy growth from spillover effects. To drive this growth, effort will be directed towards National Civil Space Priority Areas in which Australia has a competitive advantage or opportunity.
Space, space technologies and space data are becoming increasingly important to the functioning of the modern economy. They support future economic growth, and assist business with cost savings and advancements. For example, they assist in agriculture with targeted crop spraying and precision planting, through to improving the products and services Australians enjoy every day including phone coverage, precision mapping, food availability, and health. By inspiring the next generation through the prism of space, Australia will increase its STEM educated population and create a workforce pipeline to sustain and grow a national space industry. This includes exploring new ways to engage with young people, working with successful entities locally, and drawing on global best practice.
The Strategy will be reviewed regularly to keep in step with the rapid pace of change in the space sector, and be updated as necessary to reflect changes in market, industry and research sectors.
-  https://www.morganstanley.com/ideas/investing-in-space
-  IBISWorld Industry Report OD5545 Satellite Communications and Astronauts in Australia, November 2018, page 7
-  IBISWorld Industry Report OD5545 Satellite Communications and Astronauts in Australia, November 2018, page 11