Australia’s billion-dollar quantum computing gamble could reshape its economic landscape.

Major investments, including a recent $940 million deal with Californian startup PsiQuantum, aim to establish the nation as a global leader in quantum technology. 

The initiative seeks to build the world’s first fault-tolerant quantum computer in Brisbane, with federal and state governments backing the project.

Rita Gatt, Deloitte’s National Lead for Quantum Security and Readiness, believes quantum computing will have widespread impact. 

“Every industry will likely be disrupted,” she said in a recent interview, citing agriculture, medical research, and climate solutions among sectors that could benefit from quantum’s capacity to solve problems at unprecedented speeds. 

Gatt highlighted quantum’s potential as an economic driver, describing current projections as “understated”, anticipating major economic benefits, particularly in mining, agriculture, and healthcare.

The government’s investment in PsiQuantum aims to secure a strategic advantage in the global quantum race. 

Chief Scientist Cathy Foley, initially sceptical, reportedly approved the deal after some convincing. 

She described the move as a “high risk, high return venture”, likening it to Australia’s success in solar technology. 

The deal has sparked criticism, however, with some arguing that favouring an American firm over local startups could hinder Australia’s own quantum ecosystem. Concerns have been raised about the fairness of the investment process and its alignment with national interests.

Gatt and Foley also identified several challenges to maintaining Australia’s leadership in quantum technology. 

Gatt has highlighted the importance of sustained public and private investment, along with securing semiconductor supply chains vital for quantum computing. 

She has also warned of the risks posed by quantum’s potential to disrupt cryptography, stating that organisations unprepared for this shift could face “catastrophic” consequences.

The PsiQuantum project is expected to create 400 skilled jobs in Brisbane, but Gatt stressed that workforce development is crucial. 

Building a talent pipeline through public awareness and education will be necessary to sustain long-term growth in the sector.

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