The federal government has submitted an offer to the European Space Agency (ESA) to send Australian of the Year Katherine Bennell-Pegg to the International Space Station.
If ESA agrees to Australia's offer, Ms Bennell-Pegg will be required to attend training at the European Space Agency’s astronaut training centre in Cologne, Germany.
"We have submitted a final bid to our friends in the European Space Agency," Science Minister Tim Ayres said on Friday morning.
"We are grateful for the opportunity to apply for this important project. It is an important opportunity. It does require careful fiscal management and making sure that we are balancing the fiscal pressures appropriately."
A spokesperson for the minister said "the government has long held ambition to see an Australian astronaut go to space wearing an Australian flag on their space suit".
"The government has been engaging extensively with the private sector, philanthropists, and other levels of government to raise funding to support a space flight — which is a significant cost," the spokesperson said.
"We are grateful to the philanthropists who have committed over $6 million in cash, plus in-kind support, and some indicative support from some state governments."
South Australia is the only state or territory to have publicly confirmed it would provide financial support to the endeavour.