Government invests $111 million in Australian quantum technology

quantum technology

The federal government is investing $111 million in quantum technology, supporting commercialisation, adoption and use to support Australian industry and keep Australia safe. 

With the release of their Blueprint and Action Plan for Critical Technologies, the federal government identified quantum technology as one of nine technologies for initial focus. 

The investment will include a $70 million Quantum Commercialisation Hub to foster strategic partnerships with likeminded countries, commercialising Australian quantum research and facilitating access to new markets. 

The Hub will be supported by the development of a National Quantum Strategy and quantum technologies prospectus, designed to align industry and government efforts and unlock greater private sector investment. 

The strategy will be informed by a National Committee on Quantum, comprised of a group of industry stakeholders and experts to be led by Australia’s chief scientist, Dr Cathy Foley. 

“This investment will help secure future economic opportunities for Australian businesses, create local jobs and importantly, it will help keep Australians safe,” Prime Minister Scott Morrison said. 

It is estimated that the development, commercialisation and adoption of quantum technologies can deliver Australia $4 billion in economic value and create 16,000 new jobs by 2040. 

Quantum technology offers incredible defence industry, scientific and economic opportunities for Australia, according to minister for Science and Technology Melissa Price. 

“Australia is a world leader in quantum,” Price said. 

“These investments will enhance our global reputation and help us work with other like-minded countries to develop this critical technology. This is a fantastic technology that will improve our lives and transform our industries like finance, communications, energy, health, mining, manufacturing and agriculture. 

“Australian scientists are at the cutting edge of quantum development and our research in this important area punches well above our weight internationally. Australia now has an important mission to commercialise our research, particularly given quantum technologies are increasingly vital for industries in key areas like defence and national security, as flagged in the recent AUKUS agreement.” 

The federal government is grasping the opportunities in quantum technology for Australians – as a jobs creation vehicle and game changing technology for research, innovation and productivity. 

“The global quantum industry is expected to be worth at least $86 billion by 2040, and I’m determined to see Australians secure their share of those jobs and economic activity,” minister for the Digital Economy Jane Hume said. 

“By embracing and fostering this technology we can increase the power of computing, as well as help create more reliable navigation and more secure communications. It’s the logical extension of our investment in digitisation and a focus of the Digital Economy Strategy.” 

More details on the Quantum Commercialisation Hub and National Quantum Strategy can be found here.