Australia Positioned to Lead Global Quantum Race with $2 Billion Investment
Australia is set to become a global quantum powerhouse, with substantial federal and state government investment directed towards research and commercialisation, according to the 2024 State of Australian Quantum report.
Dr Ting Rei Tan, a quantum physicist at the University of Sydney's Quantum Control Laboratory. Photo: Fiona Wolf/University of Sydney
In addition to providing $146 million in funding for quantum initiatives such as Quantum Australia, the Australian and Queensland governments have invested $940 million in PsiQuantum to deliver the world’s first ‘utility scale’ quantum computer in Brisbane. A further $1 billion has been earmarked for critical technology and quantum companies through the National Reconstruction Fund.
The quantum sector is projected to be worth $6 billion and employ almost 20,000 Australians by 2045, with the technology having far-reaching economic, strategic and social impacts.
“In Australia, quantum is no longer a laboratory curiosity for the quantum intrigued”, said Dr Cathy Foley, Australia’s Chief Scientist, “we are actively seeing the adoption of quantum technologies across broad industry sectors. Our progress and momentum over the past year puts Australia in a great position and proves that we are serious about growing a vibrant and diverse quantum industry.”
The report provides an update on the implementation of the National Quantum Strategy announced in 2022, aimed at shaping a thriving national quantum industry and positioning Australia at the forefront of global technological innovation. It showcases the successes of Australian quantum researchers, the government’s progress in growing the national quantum sector and identifies roadblocks and next steps.
Australia’s quantum sector has skyrocketed in the last 12 months. Australia now hosts 38 quantum firms and 26 research organisations, developing advanced quantum technologies in sensing, communication, and computing.
Over $179 million in private investment has complemented government funding, fostering a collaborative environment for quantum technology development. Funded initiatives include high-speed optical scanners for medical diagnostics, quantum computing applications in energy systems, and resilient communications for autonomous vehicles.
The Report identifies several key areas of priority to boost the adoption of quantum technologies, including access to patient, trusted capital, restrictive intellectual property arrangements, global competition for talent and investment. Another challenge to overcome is the community’s low levels of awareness of quantum technology.
Minister for Industry and Science Ed Husic said that the government championing of growth in Australia’s quantum sector is drawing global interest.
“Recent data shows that the Australian quantum industry is attracting 3.6 per cent of all global venture-capital investment in the quantum industry, well in excess of Australia’s global GDP share of 1.6 per cent,” Minister Husic said.
“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.”
The next steps focus on analysing Australia’s quantum supply chain to identify vulnerabilities and opportunities. Of critical importance is building Australia’s quantum workforce and the infrastructure for research commercialisation. Promoting diversity within STEM fields is a cornerstone of the National Quantum Strategy to address this challenge, with several initiatives supporting women and underrepresented groups working in the Australian quantum ecosystem.
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