CANBERRA, AAP – Ramping up Australia’s space capabilities will benefit all citizens, especially in rural and regional areas, a parliamentary inquiry has found.

With the global space industry valued at about $471 billion and tipped to reach $1.5 trillion across the next 20 years, Australia is looking to tap into the market with a revenue goal of $12 billion by 2030.

The pace at which space-based technologies and innovation is developing will revolutionise the way we live, the chairman of parliament’s industry, innovation, science and resources committee predicts.

“The industry is not the new frontier, but the now frontier,” Nationals MP Pat Conaghan said.

The committee found the local space industry wanted more national leadership, specifically a clear vision of what Australia wanted to achieve in being “a space nation”.

Growth within the industry was limited by investment and infrastructure along with legal frameworks.

Potential benefits for non-metropolitan areas include links between regional industries and the space sector, while space-related technology and infrastructure could also be used in agriculture, health and telecommunications.

The inquiry also recommended examining Australia’s space infrastructure requirements, along with community education promoting the surrounding professions not generally associated with the industry, including law, medicine, project management and business.

The government has previously announced it will create 20,000 jobs in the space industry by 2030.

Mr Conaghan said it was time for Australia to launch its space capabilities to keep pace with the rest of the world.

“There are enormous opportunities for individuals, organisations, and communities to take advantage of this growing sector, particularly in rural and regional areas,” he said.