Brisbane will become a quantum computing hub, following a $960 million Government investment to lure one of the world’s leading players to Queensland.
Technology company PsiQuantum will establish its Asia-Pacific headquarters in Brisbane and build the world’s first Fault Tolerant Quantum Computer here, following joint funding from the Federal and State governments of $470 million each in equity and loans.
PsiQuantum is a global leader in quantum computing and has attracted significant private investment.
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.
Australia’s Chief Scientist Cathy Foley said quantum computing was 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,” Dr Foley said.
“We must take advantage of the quantum technology wave to reach the industry scale needed by attracting quantum companies to set up manufacturing here.
“We need to do this now; otherwise we will be left behind. 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.”
Basing PsiQuantum in Brisbane will lead to 400 direct jobs and billions of dollars of direct investment in Australia by the company.
As part of this investment, PsiQuantum will also establish partnerships with the local quantum industry and advanced manufacturing clusters and create a dedicated climate research centre.
Queensland Premier Steve Miles said the investment would cement Queensland’s position as a global leader in the quantum technology industry.
“This investment partnership is as significant for Queensland and the nation as the first silicon microprocessors were to California that established Silicon Valley,” Premier Miles said.
This investment aligns with Government commitments under the National Quantum Strategy.
