The future of computing is quantum - how Australia can take the lead on its adoption

Quantum computing is not just science fiction. It's a technological revolution unfolding before our very eyes. The State of Australian Quantum Report 2024 predicts that the Australian quantum technology industry will be worth a projected $6 billion and employ 19,400 Australians by 2045. With the help of the National Quantum Strategy, the government's vision is to have Australia recognised as a leader in the global quantum industry in the next five years. 

With government initiatives, strong academic institutions, and a growing ecosystem of quantum startups, the country is already laying the foundation for a future where quantum computing is central to economic and technological advancement.

However, Australia faces a challenging road ahead to becoming the quantum global powerhouse it aspires to be. 

Australia's quantum landscape

Australia has driven significant advancements in quantum innovation in recent years. The most recent notable development is the collaboration with PsiQuantum, a U.S.-based company, which has committed to building the world's first fault-tolerant quantum computer in Brisbane by the end of 2027. The ambitious project has garnered substantial support so far with the Australian and Queensland governments jointly investing approximately $1.2 billion. 

PsiQuantum also plans to collaborate with local universities and recruit 400 skilled workers by 2032, underscoring the project's potential to transform sectors such as medicine, artificial intelligence, and climate science.

Australia has also emerged as a leader in quantum research in recent years. In November 2024, a team from the University of Melbourne, led by Associate Professor Giuseppe Barca, was awarded the prestigious Gordon Bell Prize for developing the first quantum-accurate simulation of biological systems. The award is often referred to as the 'Nobel' prize in high performance computing. This breakthrough enables precise modelling of drug performance, promising to accelerate and reduce the costs associated with new drug development. 

Potential applications of quantum computing

There is a lot of time and money being invested into quantum. But what does this mean, and how can it be used?  

While quantum computers won't replace more traditional ones, they have the potential to transform various industries. In cryptography, they could break current encryption methods, creating both challenges and opportunities, with researchers working on quantum-safe solutions. In sectors like logistics, finance, and supply chain management, quantum computing could rapidly solve complex optimisation problems. 

It will also revolutionise AI and machine learning by speeding up data processing and analysis. And in fields like drug discovery and material science, simulating molecular interactions at a quantum level could lead to groundbreaking innovations.

Challenges to overcome

Despite the promise of quantum computing, significant hurdles remain. One of the primary challenges is the competition Australia faces from other countries. 

Countries across the globe are investing billions into quantum technologies, and the Australian industry needs support to keep its leading position. Australia has already invested hundreds of millions of dollars in establishing deep technical skills. Now is the  time to build on and increase these efforts while building resilience to global changes.

Another issue is scalability. To build a truly useful quantum computer, researchers need to develop systems with thousands or even millions of qubits. This requires advances in error correction and hardware development, which are still in the experimental stage.

Australia's researchers and startups are actively working to address these challenges. Companies like Silicon Quantum Computing (SQC), founded by Professor Michelle Simmons, are developing silicon-based quantum processors, a promising approach that could lead to more stable and scalable quantum computers.  

The road ahead

I believe Australia can become a global leader in quantum computing. Achieving this vision, however, will require continued investment in research, infrastructure, and workforce development. Training the next generation of quantum scientists and engineers will be critical to maintaining a competitive edge.

It will be essential for partnerships between the public and private sectors to be forged to translate academic research into real-world applications. Only by encouraging Australian businesses to explore quantum solutions and invest in research will we reach the point of driving innovation across multiple industries.