Australian quantum computing to get $18.5 million grant boost

The federal government, led by the Minister for Science and Industry Ed Husic, is set to roll out a new funding initiative, allocating up to $18.5 million in grants to bolster the nation’s quantum computing sector.

The Australian Centre for Quantum Growth program aims to support and develop the local quantum industry. It is also designed to aid in the expansion and international reach of Australian quantum technology companies.

It will be awarded to a recipient that demonstrates effective strategies to enhance Australia’s quantum workforce and strengthen international collaborative efforts in this cutting-edge field. According to the program, the recipient will receive up to $18.5 million over four years for up to 75% of eligible project expenditure.

The announcement of the new quantum funding program was made by Minister Husic today at the Canberra offices of QuintessenceLabs, which specialises in quantum cybersecurity.

This financial commitment is part of a larger scheme revealed in the May federal budget, highlighting a $101.2 million plan aimed at integrating advanced technologies like quantum computing and artificial intelligence into the Australian business sector. This includes the country’s first national quantum strategy, which was announced just ahead of the budget.

All of this falls under Labor’s broader technological investment strategy, which includes the $15 billion National Reconstruction Fund. Within this fund, $1 billion is specifically allocated for investments in critical technologies.

“Coming out of the strategy, we are determined to do a number of things, not the least of which be to ensure that our National Reconstruction Fund that officially was open for business last week, will be able to direct one of its target funds towards supporting emerging capabilities, not the least of which is quantum technology within the Australian context,” Minister Husic said on-site at Quintessence Labs on Monday.

The government’s strategy involves creating a central hub for quantum computing, promoting domestic and international engagement, and fostering collaborative research and development efforts. Additionally, the initiative aims to boost educational activities in the quantum sector and create opportunities for international collaboration, exports, and investments.

Minister Husic said that Labor is determined to not “fritter away” this technological opportunity like “previous generations” of Australian governments.

“For the 20 or so quantum firms here, we are sending a signal to them and others who will emerge that the Australian Government wants to absolutely work with them to keep our technology edge and sharpen it longer term,” Husic said.

“Because for the economy, for jobs and for how we live our lives, modern economies need complex critical technology like this and they need to invest in it.”

But it’s not just the public sector that is getting behind quantum technology. We’ve also seen substantial investment from the private sector in 2023. This includes a $50 million Series A raise by Silicon Quantum Computing. Quantum Brilliance also snagged $25.7 million, and the University of Queensland’s Analog Quantum Circuits (AQC) launched with a $3 million raise back in October.

October also saw Quantum startup Q-CTRL partner with TAFE to bring advanced quantum technology training to TAFE students across Australia.

The deadline for applications for this funding is set for January 24. It’s currently unclear when the recipient will be announced.