$111 Million Investment To Back Australia's Quantum Technology Future

Media release
17 Nov 2021
Prime Minister, Minister for Superannuation, Financial Services and the Digital Economy, Minister for Women's Economic Security

The Morrison Government is investing $111 million to secure Australia’s quantum future, supporting the commercialisation, adoption and use of this new technology to create jobs, support Australian business and keep Australians safe.

Prime Minister Scott Morrison today released the Blueprint and Action Plan for Critical Technologies, identifying quantum technologies as one of the Government’s nine technologies for initial focus.

The quantum investment includes $70 million for the Quantum Commercialisation Hub to foster strategic partnerships with likeminded countries to commercialise Australia’s quantum research and help Australian businesses access new markets and investors.

The Hub will be supported by the development of a National Quantum Strategy and quantum technologies prospectus, designed to align industry and government efforts and unlock greater private sector investment. 

The strategy will be informed by a National Committee on Quantum, comprised of a group of industry stakeholders and experts which will be 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,” the Prime Minister said.

It is estimated that the development, commercialisation and adoption of quantum technologies can deliver Australia $4 billion in economic value and create 16,000 new jobs by 2040.

Minister for Science and Technology Melissa Price said quantum technology offers incredible defence industry, scientific and economic opportunities for Australia.

“Australia is a world leader in quantum,” Minister Price 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.

“Australian scientists are at the cutting edge of quantum development and our research in this important area punches well above our weight internationally.

“Australia now has an important mission to commercialise our research, particularly given quantum technologies are increasingly vital for industries in key areas like defence and national security, as flagged in the recent AUKUS agreement.”

Minister for the Digital Economy Jane Hume said the Morrison Government is grasping the opportunities in quantum technology for Australians - as a jobs creation vehicle and game changing technology for research, innovation and productivity.

“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” Minister Hume said.

“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.”

More details on the Quantum Commercialisation Hub and National Quantum Strategy can be found here https://www.industry.gov.au/news/new-investment-in-australias-quantum-technology-industry