Adelaide, Sep 25 (IANS): Australia's Minister for Education and Training Simon Birmingham officially announced on Monday that the country will establish its own national space agency.

Speaking at the Opening Ceremony of the 2017 International Astronautical Congress (IAC) here, Birmingham said that the decision will bring benefits to the South Australia region and the country as a whole, reports Xinhua news agency.

"I am truly excited by the potential this announcement will bring to Australia and South Australia, with opportunities to inspire a new generation to literally see the world as their universe and embrace the potential benefits of studying science and related disciplines," Birmingham said.

The space industry is worth $318 billion annually globally and $3.1 billion in Australia alone.

The Australian government estimates that the creation of the agency could boost the industry's domestic value to $14 billion by 2019.

Michaelia Cash, Acting Innovation and Science Minister said it was "crucial" that Australia be part of the industry's booming growth.

However, details about the agency have not been announced.