Arthur Sinodinos (NSW, Liberal Party, Minister for Industry, Innovation and Science) Share this | Hansard source

The Australian government is leading the global pack in the development and commercialisation of groundbreaking quantum computing technology in Australia. On 23 August, I was delighted to launch a new $83 million Australian quantum computing company, called Silicon Quantum Computing. As part of our National Innovation and Science Agenda we as a government are investing over $25 million over five years in this company, in partnership with the University of New South Wales, Telstra and the Commonwealth Bank. We anticipate that the new company will catalyse the development of silicon quantum computing technology and a related innovation ecosystem right here in Australia. The company aims to be the first in the world to build a functional quantum computer chip using silicon—the first step in building a fully fledged quantum computer.

Quantum computers are expected to exceed the combined power of all the computers currently on earth. They will allow us to solve problems in mere hours that would take digital supercomputers longer than a lifetime to achieve. This will redefine industries across the economy and create vast new job opportunities for Australians. Governments around the world are investing vast sums of money in quantum technologies and platforms, and I'm pleased to say that, by backing Silicon Quantum Computing, not only are we positioning Australia as a strong competitor in the global quantum computing race; we're setting up our country to win it, bringing us unparalleled new job opportunities and growth.