QUEENSLAND has the capability and location to develop a space industry that could inject up to $6 billion to the state’s economy by 2036, a new report released by the State Government has revealed.
Minister for State Development Cameron Dick said the Sky is not the limit: Building Queensland’s space economy report shows the industry was already globally competitive in specialist areas and growing at a rate of around seven per cent per annum.
The report states the space industry in Queensland from research through to design, manufacturing and operating systems could add between 4000-6000 jobs within the next two decades and pump between $3.5 billion and $6 billion into the economy.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
“Queensland’s space industry employs more than 2000 full-time positions and generates $760 million per year through core industry services like satellite communications,” Mr Dick said.
“Queensland universities and companies are at the forefront of space research and technology, including NASA’s mission to identify inhabitable planets beyond our solar system, world leading hypersonic rocket development, the design and manufacture of advanced composite materials, and in new satellite launch and communications technologies.
“Queensland is already the home to Australia’s vehicle and aviation manufacturing sectors.
“With our advanced manufacturing supply chain and world-leading research programs, it makes sense for Queensland to also be the home of Australia’s space manufacturing industry.
“In order to capitalise on these opportunities, the Palaszczuk Government will explore how we can further assist companies and universities and coordinate opportunities to grow our space industry.
Deloitte’s modelling estimates investment in critical space infrastructure has the potential to add around $82 million to the Queensland economy over the period 2019-2036.
However, the true value of the critical space infrastructure is the potential for it to improve analytics, mapping and data technology, with applications across the resources, agriculture and telecommunications sectors.
The state government has been actively involved in the ramp-up of Queensland’s space industry.
“In November last year, we were invited by Black Sky Aerospace to launch a rocket that climbed to an altitude of 5200 metres and reached 1.2 times the speed of sound, in what was Australia’s first commercial launch,” Mr Dick said.
“We are taking the lead in supporting development of the space sector in our state, and together with Queensland businesses we will continue to grow and strengthen our space industry capabilities.”
The Palaszczuk Government last year launched the Queensland Aerospace 10-Year Roadmap and Action Plan to capitalise on aerospace opportunities.
As part of this plan, the state government commissioned Deloitte Access Economics to deliver a report on Queensland’s space industry capabilities and to model potential economic growth.
The report provides an economic foundation from which government can form a policy position on the development of the state’s space industry.