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Australian businesses represent a disproportionately small portion of the multi-billion dollar global space sector, but a Liberal MP wants to see that change.

The federal government introduced legislation to parliament on Wednesday to bring Australian space industry regulation in line with global standards.

Government minister Dan Tehan says it will help unlock opportunities for growth and reduce the barriers that prevent Australian businesses participating in the industry.

Globally the sector is worth $US345 billion and is growing by 10 per cent a year, he says.

‘Australian businesses represent just 0.8 per cent of this industry internationally, a disproportionately small share considering our immense capability in space-related sectors including our immense advanced manufacturing capability,’ he said.

Mr Tehan said Australia’s expertise made it vital for Australian businesses to get involved in the industry with minimal red tape.