Australia’s first quantum strategy predicts $6 billion in revenue and nearly 20,000 jobs

Ahead of next week’s budget, the federal government has unveiled its inaugural national quantum strategy. The initiative was announced by Ed Husic, Minister for Industry and Science, on Wednesday.

While Australia has been involved in research into quantum technology for decades, this is the first time that a government strategy has been put in place to support the existing leadership in the space.

This will be a part of the Labor government’s National Reconstruction Fund, $1 billion of which was set aside for critical technologies such as quantum.

Quantum technology is a complex topic. But at its core it utilises quantum mechanics — the physics of sub-atomic particles. These are the building blocks of nature. Quantum physics looks at and explains the world at this minute scale.

The ability to study, isolate and control these particles allows for the creation of new technologies and ways for faster medicine development and security infrastructure.

Quantum computing in particular allows for problem solving that isn’t possible with older technology.

The consultation and research process for the strategy was led by Australia’s Chief Scientist, Dr Cathy Foley, with guidance from the National Quantum Advisory Committee.

The aim of the strategy is to utilise quantum technology to create new industries and boost jobs in the sector. According to the federal government, it’s estimated that quantum-based industries could create 19,400 direct jobs and $5.9 billion in revenue by 2045.

The strategy itself lists five priority areas:

• Investing in research and development and commercialisation
• Securing infrastructure and materials
• Growing a skilled workforce
• Supporting national interests
• Promoting a trusted, ethical, inclusive ecosystem.

“I can’t emphasise this enough, quantum technologies will be truly transformative. We are already seeing how quantum sensing equipment is making a huge difference for industry,” Ed Husic said during his speech.

“In time, quantum computing will unleash incredible computing power that can phenomenally outperform traditional computing.

“By pairing a National Quantum Strategy with the National Reconstruction Fund we’re aiming to turn Australia into a global technology leader, building stronger industry and creating jobs for the future.”

This is just the beginning for Quantum in Australia

The Tech Council of Australia (TCA) — which is the home of the Australian Quantum Alliance — has welcomed the news.

“We have strong foundations to build a globally successful quantum sector right here in Australia — we are already home to more than 3% of global quantum startups and are attracting 3.6% of global venture capital investment, well above our 1.6% share of global GDP,” TCA CEO, Kate Pounder, said in a statement.

While the announcement is a promising, and long-awaited start, it is just that. Q-CTRL is an Australian quantum computing startup that hopes to see more support and resources for the sector in the long term.

“Q–CTRL is proud to be Australia’s first venture-capital-backed quantum technology company, one which has grown into a world leader in the industry. We’re excited about our continued growth in Australia and our offices around the world, Q-CTRL’s Head of government engagement, Charle’s Burnard, said in an email to SmartCompany.

“As Minister Husic has made clear, the release of the Strategy today is the beginning of the journey, not the end. Realising the Strategy’s full potential will require the whole nation’s support, close cooperation and coordination at all levels of government, and sustained, meaningful backing for the sector”

The TCA is also looking to the future on how to make this successful for Australia.

“Our challenge is to now become a leader in commercialisation. Early commercialisation will deliver billions of dollars in economic value and thousands of jobs by 2030 globally and in Australia, while supporting our strategic and national security objectives,” Pounder said.

Husic seems to agree with Burnard’s sentiments about a community and holistic approach to quantum.

“Quantum, by its very nature, is a global endeavour. No one country can hope to corner the market, as it were,” Husic said.

“Only by working together can we unlock quantum’s full potential.”