The Federal and Queensland Governments announced they are actively harnessing the power and potential of quantum technologies to propel Australia into the future and establish Brisbane as a tech manufacturing powerhouse.
Nearly $1 billion will be invested by the Australian and Queensland Governments into technology company PsiQuantum, with the ambitious goal of constructing the world’s inaugural fault-tolerant quantum computer in Brisbane, the government said in a media release.
In particular, PsiQuantum’s roots run deep within Australia, with its co-founders including esteemed Australian Professor Jeremy O’Brien and Professor Terry Rudolph.
The groundwork for its pioneering computing methodology was laid by Professor O’Brien at the University of Queensland.
This substantial investment heralds the commencement of a robust manufacturing and production collaboration with Queensland and Australia, poised to generate up to 400 new, highly skilled jobs within the company.
Prime Minister Anthony Albanese underscored the importance of strong partnerships in forging new industries, stressing the need for bold investments to shape a future characterised by Australian innovation.
He said, “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,” the PM noted.
Data revealed that quantum computers are widely hailed as the next quantum leap in computing, boasting unprecedented data processing capabilities far surpassing those of contemporary supercomputers.
The joint government infusion into PsiQuantum ensures the establishment of its Asia-Pacific headquarters in Brisbane, welcoming a substantial influx of direct jobs and billions of dollars in investment into Australia.
This move solidifies PsiQuantum as a crucial player within Australia’s digital, quantum, and AI supply chains, augmenting the nation’s economic value significantly.
Queensland Premier Steven Miles hailed the announcement as solidifying Queensland’s global leadership in the quantum technology sector, underpinned by the state’s dedicated Quantum and Advanced Technologies Strategy.
“This investment partnership is as significant for Queensland and the nation as the first silicon microprocessors were to California that established Silicon Valley,” Miles noted.
The joint Commonwealth-Queensland investment encompasses approximately $470 million in equity and loans from each government.
As part of this groundbreaking investment, PsiQuantum will establish its Asia-Pacific Headquarters in Brisbane and construct and operate successive iterations of its Fault Tolerant Quantum Computer (FTQC) in Brisbane.
The firm is also poised to forge partnerships with local quantum industry and advanced manufacturing clusters, establish a dedicated climate research centre, and pave the way for new digital and advanced tech supply chain opportunities.
