The principle of such a magical device was enunciated for the first time, many years ago, by a Russian rocket scientist named Konstantin Tsiolkovsky [1857–1935], who lived in the countryside in a log house. The general theory behind such an elevator is quite sound. You merely need to attach a strong elevator cable to a geostationary satellite. But an obvious practical problem has made it impossible, up until now, to envisage the actual construction of such a Jacob's ladder into the sky. The problem is the huge weight of the elevator cable, 62 thousand miles long! If it were built of steel, say, it would snap immediately under its own weight.
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The good news is that recent advances in nanotechnology make it possible to envisage the existence of an ultra-thin, ultra-lightweight and ultra-strong ribbon that would theoretically be able to perform perfectly as an elevator cable. What I don't know is whether Australia is technologically advanced enough to be able to work in this domain, and tackle such a project. The following short American video presents this kind of space elevator: