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The Federal Government has launched a strategy focused on quantum technology as part of the National Reconstruction Fund which includes a $1 billion investment for critical technologies like quantum.
It will focus on five priority areas: research and development and commercialisation; infrastructure and materials; a skilled workforce; national interests and ethics.
Quantum technology uses the study of the smallest building blocks in nature, subatomic particles.
Potential uses include cutting the time and cost of developing new medicines; helping the transition to net zero with more efficient battery storage and boosting cyber infrastructure.
Previous efforts have been made to encourage quantum development in Australia. In 2018, the Department of Defence announced plans to pour $6 million into quantum technologies research.
Vendors such as IBM and Microsoft are also currently developing quantum projects alongside Australian universities.
“I can’t emphasise this enough, quantum technologies will be truly transformative,” said Ed Husic, Minister for Industry and Science. “We are already seeing how quantum sensing equipment is making a huge difference for the industry.
“In time, quantum computing will unleash incredible computing power that can phenomenally outperform traditional computing. By pairing a National Quantum Strategy with the National Reconstruction Fund we’re aiming to turn Australia into a global technology leader, building stronger industry and creating jobs for the future.”
Husic added that if “Australia gets this right” quantum industries could create 19,400 direct jobs, with $5.9 billion of revenue by 2045.
