Malcolm Turnbull has long been known as a man of stratospheric ambitions.

He seized the prime ministership vowing to create a 21st century government that embraces the possibilities of technology. Now we know his vision for economic growth extends beyond planet earth.

The federal government will on Saturday announce a major review of the regulations governing space activity, aimed at sparking a boom in the local space industry.

The 10-month long review will examine whether federal laws, which were originally introduced in 1998, are holding back research and private investment in space technologies. It will be overseen by Christopher Pyne, the Minister for Industry, Innovation and Training.