The release of Australia’s first State of Australian Quantum report highlights the nation’s substantial investment and growth in quantum technology. 

Launched eighteen months after the National Quantum Strategy, the report details a significant financial commitment by both the Albanese Government and private investors.

With billions of dollars in government funding, Australia’s quantum sector has gained further momentum through private capital, which has contributed over $179 million in investments to domestic quantum companies since May 2023. 

The industry now includes 38 companies and 26 research organizations, both domestic and international, pushing advancements in quantum sensing, communications, and computing.

“We’ve been determined to champion growth in Australia’s quantum sector – and that’s drawing global interest. We can and should be quantum leaders,” said Ed Husic, Minister for Industry and Science. 

“Quantum technologies will deliver the next generation of computers, far more powerful than anything we currently see in our laptops or smartphones.”

Coinciding with the report’s release, Round 1 recipients for the $36 million Critical Technologies Challenge Program (CTCP) were announced. 

This program, a part of the National Quantum Strategy, aims to accelerate the commercialisation of emerging quantum technologies that lack initial private funding but show high potential.

Funding totalling $5.2 million has been granted to 14 consortia, supporting a wide range of feasibility projects. Among them are:

• A high-speed optical scanner for diabetes assessment in South Australia, awarded $495,026.
• Quantum computing for remote renewable energy systems, also in South Australia, awarded $159,666.
• Resilient communication and navigation systems for autonomous vehicles, awarded $498,674 to a joint QLD & NSW team.
• A quantum optical sensor for selective mining of rare-earth elements, with $490,936 awarded to efforts in NSW & SA.
• Diagnostic technology to detect “Invisible Melanoma” in Queensland, receiving $415,763.

“Quantum technologies will deliver the next generation of computers, far more powerful than anything we currently see in our laptops or smart phones,” Husic added. 

“This report shows the Government is backing Australian quantum companies at every stage in their growth – from when they have the first spark of an idea, right through to selling their tech on the world stage.”

This financial support includes additional investments, such as the $18.4 million towards establishing Quantum Australia and $470 million backing for PsiQuantum, signalling Australia’s long-term dedication to quantum technology.

Alongside the National Reconstruction Fund and Industry Growth Program, which are geared towards critical technology sectors, these initiatives are part of a larger commitment to foster a tech-driven “Future Made in Australia.”

For a full list of CTCP Round 1 grant recipients, visit: business.gov.au/CTCP-Round-1-grant-recipients.