Michaelia Cash (WA, Liberal Party, Minister for Jobs and Innovation) Share this | Hansard source

I thank Senator Colbeck for his question. As Australians would know, the Turnbull government is creating a stronger economy. That's what we're all about. This ensures we can guarantee the essential services that Australians rely on, provide income tax relief and bring the budget back to balance.

Since we were elected in September 2013, the economy under this government has now created in excess of one million jobs. But we know that there is still more to do, and that is why the Turnbull government is focused on the creation of new growth industries. For the first time in Australia's history, the government is establishing a national space agency which will officially commence in less than two weeks. The global space economy is worth around US$345 billion. Australia's share currently is approximately 0.8 per cent of that. Australia, however, has immense capabilities when it comes to space-related sectors. We lead the world in automated mining and precision agriculture. We have excellent capability in advanced manufacturing, including in satellites, and we're recognised for our expertise in satellite navigation, data analysis and research. But what we've lacked to date is a single body that coordinates our domestic activity but also provides a pathway to international participation. We are creating such a body.

With access to the global space economy that the agency will facilitate, it is estimated that Australia can triple the size of our current domestic industry to approximately $12 billion by 2030 and create up to 20,000 new jobs for Australians.