The Commonwealth and Queensland governments have pledged almost $1 billion (US$652 million) towards a project that will build the world’s first “commercially useful” quantum computer in Brisbane.
Tasked with developing a general-purpose quantum computer capable of solving complex problem, $470 million each in equity and loans will be contributed toward the project helmed by Silicon Valley company PsiQuantum.
The link to Brisbane came via two of PsiQuantum’s founder’s, both alumni of Queensland University and professors, Jeremy O’Brien and Terry Rudolph.
Mr. O’Brien told the AFP that if successful, the Brisbane project would change industry as we know it.
“This platform will help solve today’s impossible problems and will serve as a tool to design the solutions we so desperately need to safeguard our future,” Mr. O'Brien said.
The project is part of Prime Minister Anthony Albanese’s recently announced Future Made in Australia scheme.
PsiQuantum has attracted significant attention and funding since 2021 from companies that identify quantum computing’s potential to create new solutions that will streamline industry across the board.
Queensland Epicentre of Quantum Computers
In announcing the funding, Queensland Premier Steven Miles and Treasurer Cameron Dick said in a joint statement the innovation will help make Brisbane a tech manufacturing powerhouse that will provide up to 400 jobs at the Asia-Pacific headquarters and power the associated IT industry.“Queensland and Australia will now be at the epicentre of this world-changing technology,” Mr. Miles said.
“Quantum will bring billions in economic opportunity to Queensland, and the chance for Queenslanders to work in careers that will change the world. This investment partnership is as significant for Queensland and the nation as the first silicon microprocessors were to California that established Silicon Valley.”
Mr. Dick heralded the work of his government in getting PsiQuantum over the line.
“This deal is the result of years of hard work and planning by Queensland Treasury officials, and I congratulate them on this achievement.
“There will be very few seats at the table when it comes to global leadership in quantum technology, and today’s announcement ensures Queensland will have a place.”
Federal Industry and Science Minister Ed Husic said the headquarters would utilise local expertise.
“Australia has hugely talented people with great ideas that want to build strong companies and secure jobs. That’s going to help us deliver a Future Made in Australia,” he said.
Australia’s Chief Scientist Cathy Foley said Quantum computing is a transformational and strategically important technology that will “disrupt all sectors of society,” and was keen for the country to become a hub for development and innovation.
“We must take advantage of the quantum technology wave to reach the industry scale needed by attracting quantum companies to set up manufacturing here. We need to do this now; otherwise, we will be left behind,” she said.
“This investment shows that Australia is serious about its quantum industry development by ensuring we are at the front of the pack in the global race to build the first useful quantum computer.”
What is a Quantum Computer?
Quantum computers represent a revolutionary approach to computing that leverages the principles of quantum mechanics to perform computations in ways that traditional computers cannot.While computers use bits to represent information as either a 0 or 1, quantum computers use quantum bits or qubits (basic units of quantum information encoded in particles of light or photons), that can represent both 0 and 1 simultaneously thanks to a phenomenon called superposition.
The key advantage of Quantum is its potential to solve complex problems much faster than classical computer applications.
They are predicted to transform critical industries like drug development, healthcare and transportation, and power and new energy solutions like green ammonia and green hydrogen.
While PsiQuantum’s ultimate success remains to be seen, its work to date represents a significant contribution to the rapidly evolving field.
However, quantum computers are still in the early stages of development, and there are significant challenges to overcome, including qubit error rates, decoherence, and scalability.
