Joint media release with the Prime Minister the Hon Anthony Albanese MP, Queensland Premier Steven Miles, Queensland Deputy Premier and Treasurer Cameron Dick and Australia’s Chief Scientist Dr Cathy Foley.
The Albanese and Miles Governments are harnessing the power and potential of quantum technologies to help deliver a Future Made in Australia and make Brisbane a tech manufacturing powerhouse.
The Australian and Queensland Governments will invest almost $1 billion into frontier technology company PsiQuantum to build the world’s first fault tolerant quantum computer in Brisbane.
PsiQuantum’s co-founders include Australians Professor Jeremy O’Brien and Professor Terry Rudolph, and the beginnings of its world leading computing approach were developed by Professor O’Brien at the University of Queensland.
This investment marks the start of a manufacturing and production partnership with Queensland and Australia that will create up to 400 new highly skilled ongoing jobs with the company.
Quantum computers are considered the next major development in computing, delivering tremendous data processing power, well beyond the capabilities of today’s super-computers.
That processing power can help solve problems conventional computers can’t and can help drive advances in areas like new medicines, AI and the net zero transition.
PsiQuantum is a global leader in quantum computing and has attracted significant private investment.
The joint government investment into PsiQuantum will secure its Asia-Pacific headquarters in Brisbane.
This will mean hundreds of direct jobs and billions of dollars of direct investment in Australia by PsiQuantum – investment that would otherwise have gone overseas.
As a result the company will become a cornerstone customer of Australia’s digital, quantum and AI supply chains, adding further economic value to the nation.
The joint Commonwealth-Queensland investment includes approximately $470 million in equity and loans from each government.
As part of this investment, PsiQuantum will:
- establish its Asia-Pacific Headquarters in Brisbane
- build and operate successive generations of its Fault Tolerant Quantum Computer (FTQC) in Brisbane
- create up to 400 highly skilled local jobs
- establish partnerships with the local quantum industry and advanced manufacturing clusters
- create a dedicated climate research centre
- open new digital and advanced tech supply chain opportunities
- invest in university and research collaborations, including PhD positions, mentoring and internship opportunities.
According to Boston Consulting Group, investing in the world’s first commercial-scale fault-tolerant quantum computer could lead to up to an additional $48 billion in GDP and 240,000 new jobs in Australia by 2040.
This investment aligns with the Government’s commitments under the
Quotes attributable to Prime Minister Anthony Albanese:
“It takes great partnerships to build new industries. We need to make bold investments today if we want to see a Future Made in Australia.
“We are proud to be working with the Queensland Government to make visionary investments in the future of our nation.
“This investment shows we are serious about building a strong quantum ecosystem here in Australia.”
Quotes attributable to Queensland Premier Steven Miles:
“Today’s announcement cements Queensland’s position as a global leader in the quantum technology industry, backed by our dedicated Quantum and Advanced Technologies Strategy.
“Quantum will bring billions in economic opportunity to Queensland, which will deliver thousands of high paying tech jobs and the chance for Queenslanders to work in careers that will change the world.
“This investment partnership is as significant for Queensland and the nation as the first silicon microprocessors were to California that established Silicon Valley.
“Queensland and Australia will now be at the epicentre of this world changing technology.”
Quotes attributable to Minister for Industry and Science Ed Husic:
“Quantum tech will drive the growth of advanced manufacturing and the Albanese Government sees this investment in PsiQuantum as a big part of that effort.
“We want to build the quantum tech sector with local talent and we want to bring talented Aussies home to meet our national ambition to make Australia a centre for quantum growth.
“Australia built one of the world’s first digital computers, only to give up our chance to design and develop computing here.
“John Howard’s Government turned its back on the chance to manufacture computer chips in Australia.
“Australia has hugely talented people with great ideas that want to build strong companies and secure jobs. That’s going to help us deliver a Future Made in Australia.”
Quotes attributable to Queensland Deputy Premier and Treasurer Cameron Dick:
“The Queensland Government is delivering on our plan to create more jobs in more industry by diversifying our state’s economy.
“This deal is the result of years of hard work and planning by Queensland Treasury officials, and I congratulate them on this achievement.
“There will be very few seats at the table when it comes to global leadership in quantum technology, and today’s announcement ensures Queensland will have a place.”
Quotes attributable to Australia’s Chief Scientist Dr Cathy Foley:
“Quantum computing is a transformational and strategically important technology. It will disrupt all sectors of society. Australia is perfectly placed to achieve a globally significant quantum industry, but we can’t take a business-as-usual approach to realising this potential.
We must take advantage of the quantum technology wave to reach the industry scale needed by attracting quantum companies to set up manufacturing here. This investment shows that Australia is serious about its quantum industry development by ensuring we are at the front of the pack in the global race to build the first useful quantum computer.”
