The Australian government plans to finance its National Quantum Strategy with the National Reconstruction Fund, an investment fund that aims to invest $1 billion in advanced technologies.
The strategy identifies five priority areas:
Investing in research and development and commercialization
Securing infrastructure and materials
Growing a skilled workforce
Supporting national interests
Promoting a trusted, ethical, inclusive ecosystem
According to the Australian government, the quantum industry could generate $5.9 billion in revenue and create 19,400 new jobs by 2045.
Australia's chief scientist Cathy Foley said: “Australia is well positioned to capitalize on the amazing research that is making its way out of the lab. Our entrepreneurial spirit is generating new start-ups and attracting major companies. This is our chance to grow a thriving deep-tech industry, built out of coordinated, long-term government investment and a critical mass of world-class Australian-trained quantum specialists. We are in the top handful of countries embarking on a quantum ambition. But we have to act now, as there is intense global attention on the promise of quantum.
While the potential of quantum computers is substantial, error correction remains a significant challenge. To this end, the strategy includes the goal of building the world’s first error-corrected quantum computer in Australia, which has been received with a degree of skepticism given the progress researchers from the U.S. and other countries have made in this regard.
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