The Australian government is investing heavily in quantum technology and has now outspent the private sector, according to a new report by the Department of Industry, Science and Resources.
Quantum technology harnesses the actions of subatomic particles, enabling far greater processing speeds than conventional computing.
“Quantum technologies will help us address the challenges we will face in the coming decades, like transitioning to net zero, discovering new drugs, and pioneering new treatments for disease,” said Industry and Science Minister Ed Husic.
The Australian quantum technology industry will be worth A$6 billion by 2045, the report projects.
“In Australia, quantum is no longer a laboratory curiosity for the quantum intrigued: we are actively seeing the adoption of quantum technologies across broad industry sectors,” according to Australia’s Chief Scientist Cathy Foley.
The federal and Queensland governments have invested $940 million in PsiQuantum, a U.S.-based quantum computing company. PsiQuantum aims to build a utility-scale quantum computer in Brisbane, as well as bring its Asia-Pacific headquarters to Australia.
The National Reconstruction Fund, a government effort to diversify the country’s economy, also provides $1 billion for investment in quantum and related critical technologies.
Around $179 million in private capital has been invested into Australian quantum technology companies.
According to the report, Australia should increase access to trusted capital, address intellectual property issues, and raise awareness of quantum technology to boost the industry’s growth.
The Australian government launched its National Quantum Strategy in May 2023, aimed at boosting the industry by commercialising quantum technology.