Coalition to spend $50m on first Australian space agency, insiders say

Money will be given to agency as 'seed funding' with most long-term funding expected to come from private sector

The government will set aside $50m to fund Australia's first dedicated space agency, according to senior insiders.

The ABC on Thursday reported that funding for the space agency was guaranteed in the budget on Tuesday. It is understood $50m will be given to the fledgling agency as "seed funding", with the intention that the majority of the agency's funding will come from the private sector.