Australia’s relationship with the United States is economically and strategically significant for both countries. As we face a future with complex technological, geopolitical, economic, environmental and social challenges, strong US and Australia relations have never been more important. These pressures are increasing and will test the resilience of both nations, but also create exciting new opportunities for business collaboration.
KPMG has partnered with AmCham in Australia to examine the industries we believe will shape the future economic and strategic partnership between the US and Australia for the next 50 years.
Our first report, Key industries identified the six emerging industries key to the future of the US and Australia partnership – artificial intelligence, digital economy, quantum computing, biotechnology, space industry, and energy and clean technology.
The second report, Emerging tech examines opportunities for trade, investment and skilled employment creation in AI, quantum science and the digital economy. The report analyses these three emerging deep tech industries, quantifies their commercial benefit to Australia and examines the most appropriate go-to-market strategies for Australian participants in these sectors.
This third report explores the opportunities provided by the space industry for both Australia and the US and shares a state of play for this fast-moving world. It offers insight and analysis into how Australian businesses can best participate in and profit from this technological renaissance of how we live, work and play.
Report highlights
KPMG modelling for this report indicates that by achieving accelerated growth in space industry trade directly with the United States, Australia could generate US$394 million in exports, US$434 million in incremental capital investment and more than 1,300 Australian jobs within 10 years.
The United States requires international partnerships to expand its space industry and is actively looking to invest and partner with Australian space companies. To take advantage of these opportunities, Australia can leverage its natural and structural advantages, strong foundations in many areas of the space industry, and the relationship with the United States to realise the significant potential benefits from engagement in the space industry. Australia's unique comparative advantages in certain areas of space industry provide the United States with access to innovation, diversified supply chains, and reduction in cost of participation.
Cooperation is critical to the future of space: space has the potential to drive positive social, environmental and economic impacts. Its contribution to the future global economy is expected to substantially increase, with over 7,000 functioning satellites in orbit – forecast to rise to tens of thousands over the next decade.
For space to be an effective global public good which serves the interests of humanity and the planet, its governance must be built on cooperation. Having aligned thinking between Australia and the US and wider partners and allies, on how to invest in establishing collaborative norms, is critical to helping ensure security and keeping economic opportunities open.
For the private sector to take advantage of the governments increased focus in the space industry, this report identifies three factors for success:
- Leverage Australian specialisations for space technology applications
- Working with US primes is a pathway into global supply chains
- Accelerate the time taken from policy to procurement
A Prosperous Future: Space industry
Opportunities for US and Australian collaboration in the space industry.
