Australia to create its own space agency for economic boost

Australia has announced it will create its own space agency to increase its share of the $330 billion space economy.

Prime Minister Malcolm Turnbull said on Monday the agency would be part of Australia's development of an innovation and science economy. But the government has provided few specifics.

Acting Minister for Industry, Innovation and Science Michaelia Cash says the agency's charter would be developed by the end of March.

The opposition Labor Party says such an agency is needed to increase Australia's share of a global space economy from less than 1 percent of what the government estimates is worth $330 billion.

Labor says Australia and Iceland are the only countries in the 35-member Organization for Economic Cooperation and Development that do not have a space agency.