Australia will boldly go where every other developed country except Iceland has gone before and create its own Space Agency.  Officials say it will allow Oz to compete in the AU$400 Billion aeronautics industry.

Australia

Acting Industry Minister Michaelia Cash says Australia must grab a share of the growing sector.

"A national space agency will ensure we have a strategic long-term plan that supports the development and application of space technologies and grows our domestic space industry," she said.  "The agency will be the anchor for our domestic coordination and the front door for our international engagement."

It's hoped that this will create thousands of new jobs.  South Australian Senator Simon Birmingham insists his state has its advantages:  "Given our unique geography, we can be confident that South Australia will be central and a key beneficiary of any growth related to space agency-type activity," he said. 

Senator Cash will announce more details at this week's International Astronautical Congress in Adelaide.