A Quantum Leap: What the National Quantum Strategy Means for Australian Businesses
July 25, 2023
The Federal Government has recently released the National Quantum Strategy to accelerate the development and adoption of quantum technologies in Australia. Much has been made about the bold vision of Australia being recognised as a leader in the quantum industry in the next seven years, with funding from the 2023 Budget committed to bringing this to life.
This national ambition aligns with our focus on collaborating with organisations to accelerate their sustainability transformation journeys. This is underpinned by our five key technology areas, including quantum computing – a tech horizon space we’ve been focused on for some time.
With the increased funding from the government, the real question for Australian businesses is: what does it actually mean to my organisation? And, ultimately - what can they do about it in the immediate future, with tech futurists predicting a one to two decade timeline for quantum computers to become widely adopted?
Unpacking the National Quantum Strategy
As the national strategy sets the pace for the industry, it is important for businesses to know what the strategy entails. From a top-line view, it focuses on five central themes - research and development (R&D), quantum infrastructure, workforce development, standards and frameworks, and a trusted, ethical and inclusive ecosystem. Against each of the themes, there are a set of actions to achieve these goals.
Two of these areas, namely R&D and workforce development, stand out as immediate priorities. Thriving R&D activities are crucial for pushing the boundaries of quantum computing and furthering economic competitiveness. While the field is still in its infancy, advancements in quantum computing will have far-reaching implications and drive innovation across multiple industries.
Businesses should explore strategic collaborations with like-minded partners working in the quantum field. As the strategy highlights, these kinds of partnerships are already being leveraged by Transport for NSW engaging Q-CTRL to enable them to be "quantum ready" for transport optimisation challenges. At Fujitsu, we are collaborating with scientific research institute RIKEN in Japan to bring superconducting quantum computers into practical use.
It’s important to stress that an environment is hollow without the right people to operate within. Alongside the investment into research, a future-ready workforce is needed to accelerate and advance the technology. Local businesses can help upskill their workforce and build the talent pipeline by partnering with universities to support them with their quantum growth projects.
Our Australian universities are currently equipping students with quantum computing skills with collectives such as the Sydney Quantum Academy, a unique partnership between Macquarie University, The University of New South Wales, University of Sydney and University of Technology Sydney. Its vision is to provide collaborative training for the next generation of quantum experts. The more businesses are involved in fostering talent and offering scalable, go-to-market applications of quantum computing, the stronger the industry will be.
Actions backed by funding with opportunities for collaborations
The investments needed in quantum computing can be vast, but it is positive to see the government is backing the strategy with investment.
The $101.2 million from the 2023 Federal Budget is being added to the existing $1 billion already set aside through the National Reconstruction Fund for critical technologies, along with a further $40 million to encourage business uptake.
However, our view is the $19.8 million earmarked in the 2023 Federal Budget to establish the Australian Centre for Quantum Growth may fall short given the four-year horizon. This presents a clear opportunity for private entities to co-invest with the government to advance quantum technologies which in the long run will be mutually beneficial.
What will it mean for Australian businesses?
Quantum computers can solve certain categories of problems that conventional computers struggle with. They can also leverage quantum algorithms and principles to explore multiple solutions simultaneously, which can exponentially speed up certain types of computations. Early adopters of quantum computers will be well-positioned to reap the benefits to improve workflows and drive efficiencies for their businesses. Quantum computing may also have a profound impact on cybersecurity, as it has the potential to break current encryption technologies. However, it also presents an opportunity to create more robust algorithms and security protocols.
At Fujitsu, we have been working with businesses using quantum-inspired Digital Annealer technology as well as our super-fast 39-qubit quantum simulator. To date, our technologies have produced incredible results across the areas of drug discovery, transport, distribution and warehouse operations, and even disaster recovery. A standout application is our work with the Hamburg Port Authority to optimise traffic light sequencing. This solution not only relieved congestion by improving workflow, but also reduced carbon emissions.
While the national strategy puts us on the front foot, there are actionable pathways for businesses wanting to make the most of the emerging technology now. At this stage, partnering with an expert in the field, who has proven success with the technology, is the definitive way of benefiting from the quantum revolution.
Our quantum-inspired Digital Annealer, for example, uses a digital circuit design inspired by quantum phenomena to rapidly solve complex combinatorial optimisation problems without the added complications and costs typically associated with quantum computing. Inspired by the key characteristic of quantum computing - superposition, quantum tunnelling, and entanglement, this ground-breaking solution enables the simultaneous evaluation of a staggering number of potential options and the delivery of real-time insights.
We have been applying this technology across several fields including portfolio optimisation in finance for Melco Investments Inc., route optimisation logistics for Toyota Systems, and effective space debris removal for the UK Space Agency.
This is just the beginning of what quantum and quantum-inspired technology can do, and Fujitsu is motivated to continue to explore and unlock the powerful potential of this technology with our customers.
If you are interested in any of these areas, please reach out to us.
