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.
