For years, Australia has played a role in national and international space activities.
But it remains one of two OECD countries that doesn't have its own dedicated space agency.
That could change, thanks to an announcement by federal Science Minister Arthur Sinodinos.
Mr Sinodinos says a panel - led by former CSIRO chief Megan Clark - will look into the pros and cons of creating such an agency.
Scientists, including Peter Nikoloff from the Space Industry Association of Australia, have welcomed the announcement.
The review board will meet for the first time next week, and is expected to produce its first report by March next year.
