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With ever-increasing dependence on satellites for communication and navigation, an Australian space agency could oversee the launch of satellites.
But, initially, an Australian space agency’s main role would be to help keep jobs and $3 billion of spending in Australia rather than flowing overseas. The agency would also help Australians take advantage of satellite technology, especially for farmers.
This proposal is actually all about the requirements under Article VI of the Outer Space Treaty. If Australian companies wish to do anything in space, the treaty requires Australian to have some legal framework in place to regulate that activity. The regulations can merely rubber-stamp an approval for any private operation, but they must exist. Without them Australian companies will be forced, for legal reasons, to go to elsewhere to make their space endeavors happen.