Australia is the centre of the known universe this week, as world leaders in space development and research meet in Sydney for the annual International Astronautical Congress.

A new space race has begun, with billionaires Elon Musk and Jeff Bezos leading the way and the Australian government encouraging local industry to get involved.

Then, confusion remains about exactly how many Australian companies will be impacted by looming US pharmaceutical tariffs.

Last week the US President announced that from October, the US will impose a 100 per cent tariff on branded or patented pharmaceutical imports, unless a pharmaceutical company builds a manufacturing plant in the US - so what could it mean for Australian industry?

And the Prime Minister has wrapped up a visit to the UK with an address to the Labour party conference in Liverpool.

During the speech, Mr Albanese vowed to defend democracy itself while standing alongside the man he described as his "mate": British PM Sir Keir Starmer.

It comes after the Australian PM leaned into the comfort of the Commonwealth, enjoying lunch with King Charles at Balmoral Castle in Scotland.

Recap the morning's news, politics and global affairs with the Breakfast Wrap.