The government also released the Expert Reference Group's report on the review of Australia's Space Industry Capability and announced the Australian government response to the review's report.
The Federal Budget 2018-19 has dedicated $41 million over the next four years towards establishing The Australian Space Agency.
The Minister said the global space industry was growing rapidly and it was crucial that Australia was part of this growth.
"Its primary goal is going to be to grow the Australian space industry and to do that we need to partner internationally, coordinate nationally, and to ask ourselves why we are doing that?"
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Former head of the CSIRO, Dr Megan Clark AC, will lead the agency for its establishment and first year of operation.
Clark led the government-commissioned review of Australia's space industry capability.
Currently, Australia's domestic space industry is worth around $3.94 billion, the report produced by the review panel states; equivalent to around 0.8 per cent of the US$345 billion global space economy.
"We think we can add another 10,000-20,000 jobs to 2030, and importantly grow the industry from AU$4 billion to AU$11-AU$12 billion, and it [would] be a really important part of our economy".
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The Minister for Jobs and Innovation, Michaelia Cash - who announced the space agency establishment at Woodside in Perth on Monday - said the Government, is also investing more than $260 million to develop world-leading core satellite infrastructure and technologies, including better Global Positioning System for Australian business and regional Australians and improved access to satellite imagery.
"Space technologies are not just about taking people to the moon, they open up opportunities for many industries, including communications, agriculture, mining, oil and gas", she said.
Minister Cash said the national space agency would start operating from 1 July 2018 and will support the long-term development and application of space technologies, growing the domestic space industry and securing Australia's place in the global space economy.
According to the Government the global space economy is worth around US345 billion, and growing at almost 10% a year, and yet, "despite the outstanding capability here on our shores", Australia only accounts for 0.8% of the global space economy.
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Separately, police said on Monday that they had arrested six people plotting attacks in Surabaya, the Jakarta Post reported. The leaders of both groups are now in prison.