Over the past year, a figure has been put on Australia's potential to become a leader in quantum computing: potentially adding $6 billion to the economy over the coming decades.
Significant progress is now being made towards this ambition and, in the medium term, the IT industry must prepare for the opportunity and challenge of something totally transformative to the very foundations of computing.
The Australian Government's $1+ Billion Quantum Investments
Australia has been considered ideally placed for quantum computing due to its close relationship with the United States, which softens risk sensitivity in the application of such a powerful technology. Consequently, about 5% of global venture capital investment for quantum technology had already gone to Australia.
In the run-up to the May 14 budget, the Australian government announced a major milestone in its quantum computing ambitions: it signed a $940 million deal (matched by the Queensland state government) to work with US startup PsiQuantum to build the first “in the world”. useful” quantum computer in Brisbane.
The technology behind the project is fascinating. PsiQuantum uses photons (i.e. light particles) 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 zeros and ones, quantum computing represents information as long lists of numbers; it is a fundamentally different way of processing information and immensely more powerful. If PsiQuantum is able to overcome the reliability challenge with its photon approach, then Australia could well be home to the first quantum computer that is useful for real-world applications.
The Australian government has also made a $40 million investment in local company Silicon Quantum Computing. This company has a different approach, as it aims to encode quantum data into tiny particles trapped in silicon.
So while the approach to quantum computing is undecided (other approaches beyond the work of Silicon Quantum Computing and PsiQuantum are also being tested), the Australian government has placed its bets on which technology is most likely to emerge as the winner. .
How this quantum spending relates to the future Made in Australia
More broadly, this investment to develop quantum computing capabilities is part of the “Future Made in Australia” policy, which includes a $1.7 billion innovation fund designed to encourage early-stage development in priority sectors such as computing. quantum.
It is not the first time an Australian government has made innovation a core policy (the L/NP Turnbull government did too); However, it was a political failure at the time, in part because it was considered vague and ill-defined. The strong commitment to innovative technologies by the current Labor government has a more clearly defined agenda and objective.
The question remains: What will quantum computing do for Australia? In theory, the technology will be able to perform calculations that are beyond the capabilities of even the most powerful digital computers. While we won't fully understand the applications that will emerge from this technology, it is expected to be of great interest in everything from defense to medical research, climate modeling, space technology and artificial intelligence development.
How the IT industry should prepare for this quantum blessing
PsiQuantum has set an operational date of 2029 for its Brisbane computer, but given that it had a previous date of 2025 to fix the problem, this date could be ambitious. However, quantum computing is coming and will be completely transformative. For the IT industry, this has implications in several areas, including:
- Total disruption in cybersecurity: Quantum computers can easily bypass existing security measures, requiring the development of quantum-resistant encryption. This won't be a problem at first, when the only quantum computers are in the hands of friendly governments, but once the floodgates open and hostile nations, let alone bad private actors, get their hands on the technology, the race Cybersecurity weaponization will accelerate. It will accelerate quickly.
- Advanced troubleshooting: From logistics to financial modeling, quantum computing offers new ways to address complex challenges. IT professionals who work with data, in particular, will see their ways of working fundamentally change.
- Innovation and job creation: The National Quantum Strategy suggests quantum technologies could add $6.1 billion to Australia's GDP by 2045. Quantum computers themselves will need people to manage them, creating a huge opportunity for technologists who can develop their capabilities. PsiQuantum alone is expected to need around 400 specialized jobs, and those are skills that simply don't exist right now. First movers will have a huge and lucrative advantage.
In short, the industry is already talking about the need to develop “quantum literacy” in the same way that current generations need to develop digital literacy. The difference is that, given the nature of technology and innovation, things will move much faster this time.
Risks and challenges related to these quantum efforts
Despite the optimism, results are far from guaranteed. Building a “useful” quantum computer is an unproven endeavor that carries inherent risks. The technology is still in its infancy and many believe that other approaches, such as the superconducting circuits used by Google and IBM, could lead the race.
However, the level of investment by two governments (federal and state) in PsiQuantum introduces some certainty into the market. This is the main bet the government is making, so that organizations in areas where quantum computing will benefit and the local IT industry can begin to prepare for this technology and innovation to have an impact.
What will it take for Australia's quantum investments to be successful?
For Australia to move forward and commit to a potential form of quantum computing is a calculated risk with the potential to significantly benefit the local IT industry. It could lead to ground-breaking breakthroughs and position Australia as an early global leader (along with the United States) in this cutting-edge technology.
The Australian Government's quantum investments will only be a success if:
- The technology really works.
- The local IT industry has the capabilities and appetite for innovation to really seize the opportunity.
