The Australian Government has published its inaugural national State of Australian Quantum report, indicating that the industry on local shores is expected to be worth $6 billion by 2045.
In the 18 months since the National Quantum Strategy launched, the government has committed over $2 billion to fund several initiatives and establish the National Reconstruction Fund (NRF) and kickstart research programs.
This includes a combined Queensland Government investment of $940 million in American quantum computing company, PsiQuantum, to establish its APAC headquarters and build its first utility-scale fault-tolerant quantum computer in Brisbane; an $18.4 million investment in Quantum Australia, a national initiative spearheaded by industry, research and government organisations; and grant $5.2 million to 14 recipients who are developing innovative solutions to quantum challenges in the first round of the $36 million-Critical Technologies Challenge Program.
The report also confirmed that the government’s investments have been supported by private capital, with a further $179 million dedicated to Australian quantum companies since the strategy launched last year. This means the national quantum industry consists of 8 domestic and international firms and 26 Australian research organisations.
“We’ve been determined to champion growth in Australia’s quantum sector – and that’s drawing global interest. We can and should be quantum leaders,” Hon. Ed Husic, Minister for Industry and Science, said.
“Quantum technologies will deliver the next generation of computers, far more powerful than anything we currently see in our laptops or smart phones.
“This report shows the Government is backing Australian quantum companies at every stage in their growth – from when they have the first spark of an idea, right through to selling their tech on the world stage.
“We’re crowding in private investment for our great Aussie quantum companies, to the tune of $179 million since May 2023. Our investment in quantum demonstrates our commitment to a strong tech sector and a Future Made in Australia.”
The report also suggested several key areas that remained a priority to “further unlock the growth of the quantum industry and adoption of quantum technologies”, including:
- access to patient, trusted capital
- intellectual property arrangements inhibiting commercialisation of quantum technologies
- competition from other quantum markets for talent and investment, and
- low levels of awareness of quantum technology in the broader community.
The report also charted Australia’s formation of several strategic relationships with their international counterparts in the quantum space, including:
- the establishment of the Quantum Development Group (QDG), to promote resilient and reliable supply chains, research and development collaboration and a quantum future underpinned by shared interests and values
- signing Joint Statements of Cooperation on Quantum Technologies with the United States and United Kingdom to enhance each country’s capabilities through improved market access and knowledge sharing
- engagement with the Multilateral Dialogue on Quantum (MDQ) to coordinate international quantum efforts
- the establishment of the Quad Investors Network Centre of Excellence in Quantum Information Sciences to drive greater collaboration and market access between Australia, the United States, Japan and India; and
- the establishment of the Joint Technical Committee on Quantum Technologies to improve coordination of technical standards, reduce duplication and to help make best use of the expert resources around the globe.
