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.
"A lot of people who've supported the concept of a space agency want us to have a cohesive national space policy with clear objectives that build on areas where we think we can be really good. There's a very big opportunity there, another frontier for innovation, and I think we should be at the forefront of it."
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.
But he says it can only come to fruition with solid strategy and appropriate investment.
"That's where I think the federal government should be taking a role. And that doesn't mean producing a NASA with hundreds of millions of dollars. That just needs a great leadership team and some people who can start driving the policy and some broader strategy."
Professor Fred Watson is the Astronomer-in-Chief at the Australian Astronomical Observatory.
He says an Australian space agency would not only clarify but build on the successes Australia has enjoyed in several fields.
"Australia already has a space program. We've got industrial components to that, scientific ones like space medicines and engineering. The main benefit of a space agency is to rationalise the existing space program."
The University of New South Wales is one of several institutions that's built and deployed its own satellites into space.
Professor Andrew Dempster is from the university's Australian Centre for Space Engineering Research.
He says alongside creating new developments in areas like communications and defence-- a dedicated agency would help broaden the possibilities for future generations.
"Because we don't have an agency, Australian kids can't aspire to be astronuats. To become an astronaut, an Australian would have to change their nationality. Kids love dinosaurs and they love space, so to attract kids into STEM disciplines, space is a great thing."
The review board will meet for the first time next week, and is expected to produce its first report by March next year.
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