This report provides a state of play for the fast-moving world of the space industry. It offers offer insight and analysis regarding how Australian businesses can best participate in and profit from this technological renaissance.
Space is a key industry where the United States and Australia align when it comes to economic, security, and geopolitical considerations and where shared values and common interests deepen cooperation. This strategic alignment in combination with economic opportunities incentivises the private sector as well as the federal and state governments to explore deep collaboration in this industry into the future.
The United States requires international partnerships to expand its space industry and is actively looking to invest and partner with Australian space companies. To take advantage of these opportunities, Australia can leverage its natural and structural advantages, strong foundations in many areas of the space industry, and the relationship with the United States to realise the significant potential benefits from engagement in the space industry.
Australia's unique comparative advantages in certain areas of the space industry provide the United States with access to innovation, diversified supply chains, and reduction in cost of participation.
The space industry presents increasing opportunities for Australia. The Australian Space Agency targets to grow the size of the sector to AU$12 billion and create 20,000 new space jobs by 2030, with some of this growth likely to be driven by US investment.
KPMG modelling for this report indicates that by achieving accelerated growth in space industry trade directly with the United States, Australia could generate US$394 million in exports, US$434 million in incremental capital investment and more than 1,300 Australian jobs within 10 years.