The CSIRO Radio Telescope in Parkes, Central NSW. Credit : Destination NSW
New South Wales - Space to grow
The sky is no longer the limit.The global space industry is experiencing significant growth as space-related technologies are rapidly adopted by other industries to enhance their output. Space-derived products, services and applications are used by a multitude of other industries, including communications, transportation, energy, aviation, advanced manufacturing, robotics, agriculture, construction and information technology. As the financial and risk barriers to participation in the space industry decrease, the exponential growth of the sector is set to continue, forecast to reach over US$1 trillion by 2040.
NSW space industry development strategy
The NSW Treasury has consulted with space industry stakeholders in the state to develop the space industry development strategy.
The strategy lays the foundation to ensure the space industry becomes a source of economic strength, job creation and innovation in NSW. This is done by setting out targeted, practical initiatives to grow the sector and build the capability and capacity of businesses, while continuing to foster a supportive business environment.
It consists of five key strategy areas underpinned by initiatives to promote further growth and innovation in the industry. The strategy aims to:
- Foster collaboration across the industry and with the research community
- Help to develop a fit-for-purpose workforce
- Support the growth of industry precincts
- Maximise NSW space industry activity in the national space ecosystem
- Grow exports and attract investment
NSW space sector capability
There has never been a better time to establish your space business in NSW. In 2018 the Australian Government launched the Australian Space Agency with the goal of tripling the national space economy from A$4 billion to A$12 billion in 2030 and developing 12,000 additional highly skilled jobs.
As the country's leader in space innovation and entrepreneurship, NSW is home to 38% of all Australian space startups.
Our state has Australia's largest and most diversified economy and NSW organisations generate 50% of Australia's export revenue for the space industry.
With the largest portion of the Australian space industry based in NSW, the state is well placed, economically, politically and geographically, to maximise the benefits to business from this new space era.
Read more about our sector capabilities in The Future of Space Made in NSW.
The NSW space industry is invited to register for The Orbital – a newsletter that aims to strengthen engagement, collaboration and connections across the industry.