$41 million slated for Aust space agency

Australia will explore a new frontier with the establishment of a national space agency.

The federal budget allocate $41 million over four years to the venture but the private sector is expected to do most of the heavy lifting.

Part of the government money covers set up costs and $15 million for an international space investment project to help generate jobs and business opportunities for Australians.

The global space industry is estimated to be worth $420 billion a year.

Western Australia, South Australia, the Northern Territory and ACT have all expressed interest in hosting the space agency.