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A new multimillion-dollar investment in quantum technology has been announced, aimed at bolstering the local industry and expand export opportunities.
The Commonwealth government has announced it is investing $111 million to support the commercialisation, adoption and use of quantum technology.
The investment includes $70 million for the Quantum Commercialisation Hub to foster strategic partnerships with “likeminded countries”.
This aims to both commercialise Australia’s quantum research and facilitate access to new markets and investors for local businesses.
The investment also involves the development of a national quantum strategy and quantum technologies prospectus, designed to align industry and government efforts and generate greater private sector investment.
A national committee on quantum will also be set up to help guide the strategy.
The committee will be comprised of a group of industry stakeholders and experts, 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.
The quantum technology initiative is estimated to deliver $4 billion in economic value and create 16,000 new jobs by 2040.
Minister for Science and Technology Melissa Price said the investment would offer new defence industry, scientific and economic opportunities for Australia.
“Australia is a world leader in quantum,” she 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.”
Minister for the Digital Economy Jane Hume added: “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.
“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.”
The investment in quantum technology forms part of the government’s new blueprint for critical technologies – a vision for protecting and promoting critical technologies in Australia’s national interest.
The plan focuses on balancing the economic opportunities of critical technologies with their national security risks.
The initiative is underpinned by four key policy objectives, which include:
The blueprint cites seven key critical technologies in the national interest:
News Editor – Defence and Security, Momentum Media
Prior to joining the defence and aerospace team in 2020, Charbel was news editor of The Adviser and Mortgage Business, where he covered developments in the banking and financial services sector for three years. Charbel has a keen interest in geopolitics and international relations, graduating from the University of Notre Dame with a double major in politics and journalism. Charbel has also completed internships with The Australian Department of Communications and the Arts and public relations agency Fifty Acres
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