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Scott Morrison is looking to the stars for economic potential as Australia’s space agency prepares for blast off in Adelaide.

The prime minister, who will attend the agency’s official opening on Wednesday, wants Australia to secure a larger share of the global space economy – tipped to be worth $1 trillion by 2040.

“Space captures the imagination and inspires us all. It develops new technologies that improve life on earth and it offers huge economic and job opportunities,” Mr Morrison said.

Industry Minister Karen Andrews says the goal is to triple the sector by 2030, creating an extra 20,000 jobs and making it worth $12 billion locally.

The Australian Space Agency has been in discussions over the past 18 months with NASA, Italy and Europe about opportunities to work together.

“It’s the entry point for Australia into the space race quite seriously,” Ms Andrews told Nine Network.

Mission control is being established at the agency, along with a space discovery centre to show people what Australia does in space.

The government is also tipping $150 million into NASA’s mission to Mars, with the money to help Australian businesses to get involved.