News

Australia’s $4 billion quantum opportunity

22/05/2020

University: UNSW Sydney

Authors Centre Participants: Prof. Michelle Y. Simmons AO

Other Source: CSIRO

A new roadmap from Australia’s national science agency, CSIRO, outlines a vision to create a thriving quantum technology industry, generating $4 billion dollars annually and 16,000 jobs by 2040.

The roadmap identifies areas where Australia needs to act to make the most of the quantum opportunity, including continued investment in research and development and changes to support translating research into commercial products.

The Growing Australia’s Quantum Technology Industry report identifies actions that could be implemented to help transform Australia’s world class research and quantum start-ups into a competitive industry with long-term economic growth potential.

The big opportunities are around advanced sensors, secure communication networks and quantum computing. Quantum computing presents the largest long-term opportunity, with potential to create 10,000 jobs and A$2.5 billion in annual revenue by 2040, while spurring breakthroughs in drug development, industrial processes and machine learning.

While quantum computing is the big one, it may take a while to deliver benefits. We’re likely to see applications of quantum sensors and communication networks much sooner in defence, mineral exploration, water resource management and secure communication. These applications in turn could enhance productivity in Australian industries and help ensure our national security.

Download the Growing Australia’s Quantum Technology Industry report and watch the webcast on the CSIRO website.