Richard Colbeck (Tasmania, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Jobs and Innovation, Minister Cash. Can the minister update the Senate about the government's announcement in the budget on investing in Australia's civil space industry?

Michaelia Cash (WA, Liberal Party, Minister for Jobs and Innovation) Share this | Link to 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.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Colbeck, a supplementary question.

Richard Colbeck (Tasmania, Liberal Party) Share this | Link to this | Hansard source

What commercial opportunities will this industry provide to create jobs for Australians?

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

The Space Agency will now enable our businesses to participate in the world's biggest space missions and projects, and it will encourage more private investment in Australia's space industry. It's a fact not recognised by some that, since the 1950s space race, the space industry itself has totally transformed. What was once strictly the domain of government is now a flourishing private market with far lower barriers to entry. The global market is now filled with businesses: large businesses and small businesses but especially those dealing with satellite technology, which is a particular strength of Australia's. The transformation of the space economy and the opportunities that this transformation presents for Australians are why the Turnbull government has created the Australian Space Agency. Our industries already have the requisite capabilities. It now means that they can participate on the global stage and create jobs for Australians.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Colbeck, a final supplementary question.

Richard Colbeck (Tasmania, Liberal Party) Share this | Link to this | Hansard source

Why is it important to focus on job creation and providing direct benefits to Australians?

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

The coalition government understands that every business that is given the tools to grow is a business that creates more jobs for Australians. Our investment in Australian space industry jobs is another example of how we are stimulating businesses to grow and create more jobs. Like so many, I have been encouraged by the tremendous response the announcement of Australia's space agency has received. Last week I met with the head of space systems at Airbus. This is what he had to say: 'Australia's investment is allowing the country to grow and take advantage of the talented space industry which has made Australia's space economy the fastest growing on the planet.' And Christyl Johnson, the deputy director of technology and research at NASA, had said, 'We are allowing Australians to step up and join NASA's activities on the global stage.' This is an investment that will transform the industry landscape in Australia and create new jobs for generations to come.