Turnbull Government reveals $50 million seed funding for space agency

3 May 2018

Turnbull Government reveals $50 million seed funding for space agency

The Turnbull Government has announced that they will inject $50 million into the federal budget to establish an Australian space agency.

Next Tuesday, the Government will unveil seed funding to boost Australia’s efforts within the areonautical industry that aims to generate thousands of jobs in the future.

Not only will the funding provide an agency, but it will also focus on enhancing GPS technology, which can be used for mapping, aviation and broad-scale farming projects.

The location so of the agency is still unknown, however Western Australia, South Australia, the Northern Territory and the ACT have all shown considerable interest in hosting the headquarters.

There are concerns that Australia is not capitalising enough on the booming industry which is estimated to be worth $420 billion a year.

It is through this funding that the Government hopes to bring Australia up to speed in the industry alongside developed countries such as New Zealand and Canada.

It has been reported that “the lions share” of the funds will be sourced from the private sector to enhance Australia’s involvement in the space industry.

Former CSIRO boss Megan Clark, will be the leading director of the agency in its first year of operations.