Federal Labor has pledged $20 million to establish a space industry hub near Canberra if it wins government.
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As the election race leaves the stratosphere, shadow spokesman for science and innovation Kim Carr said the funding injection would create up to 50 ongoing jobs over the border as part of a new technology park in Jerrabomberra.
"It's so important for Australia to maintain sovereign space capabilities, [it's] vital to our national security," Mr Carr said.
"This is an ideal location."
The money would be delivered through the Australian Space Agency over the next four years, with further investment flagged for a co-operative research centre in advanced space manufacturing.
At Mount Stromlo observatory, astrophysicist Brad Tucker said the move was exactly what the sector needed, similar to the way NASA had integrated with tech parks in the US.
"Canberra is already the place for developing and building these technologies," he said.
"You've got the universities, Google's experimental lab division is doing stuff with drones, EOS are tracking space debris, but the companies based here have never really had a home. They've been in Fyshwick, they've been in demountables at ANU.
"This is essentially a pipeline to bring everyone together."
And it almost took the sting out of Canberra's failed bid to host the newly-formed national space agency, which is instead being established in Adelaide.
Mr Carr said Labor would maintain the agency's headquarters in South Australia but noted the ACT already had companies and universities with an extensive research record, as well as major defence assets.
Labor MP for Eden Monaro Mike Kelly said he had been approached by the local sector about building the tech park.
"[It's] the sort of research we're desperately going to need in the future," Dr Kelly said.
"This is [also] exciting from a national security point of view, in protecting our satellite and communications infrastructure."
The money was on top of the $55 million Labor was committing to space research and development across Australia, Mr Carr said.
With the Coalition also pledging money for the industry, Dr Tucker said it was exciting to see that space and technology had at last become an election issue.
"Only 10, 15 years ago Australia had that failed attempt at a space agency. Now we have the two [major] parties almost competing about it and it's telling the rest of the world we're taking this seriously now."
"In Canberra for example we're working on how to transfer data by laser beam rather than radio wave, lots of people are trying to do this all around the world and the first person to patent it is going to win big.
"So the light bulb has come on that space is not just a drain on money, it makes money too."
Anna Moore at the ANU Institute for Space also welcomed the announcement, saying the hub would build on the region's already strong space industry.