Location and specialisation are the keys to Queensland competing successfully for a share of the world’s lucrative space industry, according to a recently released report.

Queensland’s greatest competitive advantage is its geographic location, which provides unique opportunities for space systems, launch activities, ground systems and more, according to the Deloitte report Sky is not the limit: Building Queensland’s space economy.

The report also finds that there is real potential for Queensland producers to export existing niche, value-added goods and services to feed into the global space-industry supply chain.

Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said the report recommended capitalising on the state’s existing strengths in research and manufacturing to take advantage of the global space economy.

‘Queensland’s space industry employs more than 2,000 full-time positions and generates $760 million per year through core industry services like satellite communications,’ Mr Dick said.

‘Queensland universities and companies are at the forefront of space research and technology, including NASA’s mission to identify inhabitable planets beyond our solar system, world-leading hypersonic rocket development, the design and manufacture of advanced composite materials, and in new satellite launch and communications technologies.

‘Queensland is already the home to Australia’s vehicle and aviation manufacturing sectors.

‘With our advanced manufacturing supply chain and world-leading research programs, it makes sense for Queensland to also be the home of Australia’s space manufacturing industry.’

The Deloitte report estimates that, under a medium-growth scenario, the space industry could create around 5,000 jobs and contribute $1.3 billion to the Queensland economy over the next two decades.

Announcing the new report, the government said it would use Deloitte’s findings as the economic foundation for a policy position on development of Queensland’s space industry.

Local interest in the global space industry has intensified since last year’s launch of the Australian Space Agency, which has been tasked by the federal government with growing a globally respected Australian space industry.

In addition to the Deloitte report, a Queensland Government parliamentary inquiry has been investigating how Queensland can best take advantage of opportunities flowing from the new space agency. The parliamentary inquiry’s report was also released recently.

The Deloitte report was commissioned by the Queensland Government and released on 24 February 2019.

The aerospace sector is identified as an emerging export priority in the Queensland Trade and Investment Strategy 2017–2022.