We welcome the Albanese Government’s commitment to the quantum sector's growth

We welcome the Albanese Government's commitment to strengthening and growing the quantum technology sector through the May 2023 Budget.

Quantum technology is one of the most transformative and rapidly growing industries globally, with enormous potential to shape the future of finance, pharmaceuticals, transport, and defense. Australia has been at the forefront of this industry thanks to its strong academic research base and growing private sector investment.

Governments in the US, China, UK, Europe and around the world recognize the power of quantum technology and have been investing heavily in their own domestic quantum technology industries for the last five years.

Australia is at an inflection point in the local development of these transformative technologies. We believe it has a prime opportunity to deliver both economic and strategic advantage by building a robust quantum industry on its exceptional research foundation.

To achieve this, we need to ensure that the government and industry are aligned in their vision and are working collaboratively to support the sector's growth.

Australia is facing an increasingly competitive landscape and there is a growing risk that the sector here will lose its edge. We’ve seen warning signs already in both the research and the nascent industry sectors that talent may be following opportunities overseas.

As other nations invest heavily in quantum technologies, Australia must stay vigilant and match long-term capital commitments to ambitions in order to avoid repeating missed opportunities of the past.

Australia was an early adopter of both electronic computers and solar-energy technology, but effectively allowed both sectors to move offshore by failing to prioritize domestic investment in burgeoning industries.  

The new funding initiatives announced yesterday complement the release of the Government’s Quantum Strategy, its $1 billion commitment to critical technologies under the National Reconstruction Fund, and the recent announcement of a $3.4 billion Defence Advanced Strategic Capabilities Accelerator.

We look forward to working closely with the Government to ensure these new initiatives are effectively implemented and represent the start of a growing commitment to invest in an area of national importance. 

We have a once-in-a-generation chance to get this right and deliver pride and prosperity - and it's Australia's for the taking.