Last year, figures showed Australia could become a leader in quantum computing, potentially adding $6 billion to the economy over the next few decades.
Significant progress is currently being made towards this goal, and in the medium term the IT industry must prepare for opportunities and challenges that will completely transform the very foundations of computing.
Australian Government’s quantum investment of over $1 billion
Australia is considered to be ideally placed for quantum computing due to its close relationship with the United States, reducing risk sensitivity in the application of such powerful technology. As a result, his nearly 5% of global venture capital investment in quantum technology was already headed to Australia.
Ahead of the May 14 Budget, the Australian Government announced a major milestone in its quantum computing ambitions. The Australian government is collaborating with US startup PsiQuantum to create the world's first 'convenient quantum computer in Brisbane.
The technology behind this project is fascinating. PsiQuantum uses photons (or particles of light) to process quantum data. One of the obstacles to quantum computing is the reliability of the technology. Unlike today's digital computers, which represent data as binary 0s and 1s, quantum computing represents information as long lists of numbers. This is a fundamentally different way of processing information, and it's extremely powerful. If PsiQuantum can solve reliability challenges with a photon approach, Australia could be home to the first quantum computer useful for real-world applications.
The Australian government also invested $40 million in local company Silicon Quantum Computing. This company takes a different approach in that it aims to encode quantum data into tiny particles trapped within silicon.
So while the approach to quantum computing is still undecided (other approaches besides silicon quantum computing and Cyquantum are being trialled), the Australian government is trying to figure out which technology is most likely to be the winner. are making bets on .
How does this huge spending tie into the future of Made in Australia?
More broadly, this investment in the development of quantum computing capabilities is part of the Future Made in Australia initiative, which includes a $1.7 billion Innovation Fund designed to accelerate early-stage development in priority areas such as quantum computing. ” is part of the policy.
This is not the first time that an Australian government has made innovation a central policy; the L/NP Turnbull government did the same, but at the time it was seen as vague and poorly defined, and political It was a complete failure. The current Labor government's firm commitment to innovative technology has a more clearly defined agenda and purpose.
The question remains: What will quantum computing bring to Australia? The technology would theoretically be able to perform calculations that exceed the capabilities of even the most powerful digital computers. Although we don't yet fully understand what applications will emerge from this technology, it is expected to generate significant interest in everything from defense to medical research, climate modeling, space technology, and the development of artificial intelligence. Masu.
How should the IT industry prepare for this quantum boon?
PsiQuantum is targeting a 2029 go-live date for its Brisbane computers, but this date may be ambitious given the previous date for fixing the issue was 2025 . Nevertheless, quantum computing is coming and will be completely transformative. For the IT industry, this impacts several areas:
- Complete disruption of cybersecurity: The development of quantum-resistant cryptography is necessary because quantum computers can easily circumvent existing security measures. Initially, this is not a problem when quantum computers are only in the hands of friendly governments, but once the floodgates open and hostile countries, let alone private sector bad actors, get hold of the technology, cybersecurity becomes a problem. The arms race intensifies. It will accelerate rapidly.
- Advanced problem solving: From logistics to financial modeling, quantum computing offers new ways to tackle complex challenges. The way IT professionals work, especially those who work with data, will fundamentally change.
- Innovation and job creation: The National Quantum Strategy suggests quantum technology could add $6.1 billion to Australia's GDP by 2045. Quantum computers themselves require human resources to manage them, so this presents a great opportunity for engineers who can develop their capabilities. PsiQuantum alone is expected to require around 400 specialized jobs, skills that don't currently exist. Those who act early stand at a huge advantage.
So the industry is already talking about the need to develop “quantum literacy” in the same way that the current generation needs to develop digital literacy. The difference is that things will move much faster this time due to the nature of technology and innovation.
Risks and challenges associated with these quantum initiatives
Despite optimism, results are not guaranteed. Building a “useful” quantum computer is a risky, unproven undertaking. The technology is still in its infancy, and many believe that other approaches, such as superconducting circuits used by Google and IBM, could lead the race.
However, the level of investment in PsiQuantum by two governments, the federal and state governments, provides some certainty to the market. This is a major bet the government is making, and regional organizations and local IT industries that will benefit from quantum computing can start preparing for the impact of this technology and innovation.
What does it take for Australian quantum investing to be successful?
For Australia to move forward and potentially commit to one form of quantum computing is a calculated risk with the potential for significant benefits for the local IT industry. It could lead to breakthroughs and position Australia as an early world leader (alongside the US) in this cutting-edge technology.
The Australian Government's quantum investments will only be successful if:
- This technology actually works.
- The local IT industry has the capacity and the appetite to innovate to really take advantage of this opportunity.
