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Government unveils new quantum technology plan

A new multimillion-dollar investment in quantum technology has been announced, aimed at bolstering the local industry and expand export opportunities.

user icon Charbel Kadib
Thu, 18 Nov 2021
Government unveils new quantum technology plan
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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:

  • No regrets low‐cost actions that build resilience, regardless of the scale of the problem;
  • Responsive support bolstering market resilience;
  • Pre-emptive support early and targeted action where a disruption to a critical technology is expected to significantly impact the national interest; and
  • Onshoring and restrictions actions that directly regulate economic and social activity and/or divert resources from areas backed by private investment.

The blueprint cites seven key critical technologies in the national interest:

  • Advanced materials and manufacturing
  • AI, computing and communications
  • Biotechnology, gene technology, and vaccines
  • Energy and environment
  • Quantum technologies
  • Sensing, timing, and navigation
  • Transportation, robotics and space

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