Cutting-edge quantum research has been pioneered by Australia for decades on a global scale. It is now necessary to transform that advantage into thriving quantum industries that enhance our economic competitiveness and assist in solving our most significant national challenges. This is why Australia’s first National Quantum Strategy was released by the government.
A targeted investment of AU$1 billion for critical technologies like quantum will be provided by the National Reconstruction Fund of the government, as supported by the announcement. In the future, the Strategy will serve as the North Star to guide collaboration among research pioneers, industry partners, start-ups, and the government.
Five priority areas are identified by the Strategy: investment in research and development and commercialization, securing infrastructure and materials, growth of a skilled workforce, support for national interests, and promotion of a trusted, ethical, and inclusive ecosystem.
Extensive consultation across the industry, researchers, and the community were conducted to develop the Strategy, led by Australia’s Chief Scientist and with guidance from the National Quantum Advisory Committee. If done correctly, the creation of quantum industries in Australia could result in the generation of 19,400 direct jobs and AU$ 5.9 billion in revenue by 2045, according to estimates.
The study of subatomic particles, the smallest building blocks in nature, is used by quantum technology to tackle some of the most significant challenges we face, including:
- Reducing the time and cost of developing new medicines
- Facilitating the transition to net-zero through more efficient battery storage
- Ensuring the security of cyber infrastructure
The Minister for Industry and Science highlighted the potential for transformative impact from quantum technologies. Quantum sensing equipment is already demonstrating significant benefits for industry, while quantum computing is expected to deliver phenomenal computing power that outperforms traditional computing.
The combination of the National Quantum Strategy with the National Reconstruction Fund aims to position Australia as a global technology leader, fostering stronger industry and creating job opportunities for the future.
The Australian Government’s plan to foster the growth of the quantum industry in Australia is the National Quantum Strategy, which outlines a long-term vision for leveraging the opportunities presented by quantum technologies.
The Strategy intends to accomplish the following objectives:
- Invest in, connect, and expand Australia’s quantum research and industry to compete with the world’s best.
- Drive commercialisation by implementing new programs that incentivize the continuous growth of quantum use cases.
- Create channels for investment in industry-ready quantum technologies through the National Reconstruction Fund.
- Support the development of new quantum infrastructure to meet the current and future needs of the Australian industry.
- Establish Australia as the world’s top destination for quantum talent.
- Strengthen Australia’s international partnerships and influence, as well as opportunities for Australian quantum companies.
- Promote responsible innovation and ensure that the growth of Australia’s quantum industry supports economic prosperity while safeguarding our national interests.
New manufacturing techniques, drug treatments, and advances in foundational science can be enabled by quantum technologies, which are central to the transformation that Australia stands on the brink of, driven by advances in technology. If the appropriate policy, regulatory, and economic framework is in place, this transformation could modernise the economy, improve society, support national interests, and create high-paying jobs for future generations.
