The first “state of quantum” report has revealed how Australian governments have enthusiastically pursued the potentially revolutionary technology in the hopes of making the nation a quantum powerhouse, out-spending private investment into the technology.

The Albanese government has committed billions in funding for quantum and related critical technologies in the past 18 months, including a $470 million investment into PsiQuantum matched by Queensland, a company that promises to deliver the world’s first “utility scale” quantum computer from its Brisbane headquarters.

In the same time as almost $1.2 billion has been tipped in by governments, $179 million in private capital has been invested into Australian-headquartered quantum businesses.

However, doubt has been cast over that significant public investment, with Queensland’s recently-elected premier David Crisafulli saying he is reviewing the state’s contribution to PsiQuantum.

Mr Crisafulli said yesterday the treasurer was seeking a briefing on the state’s investment.

“We said before the election we would make sure there was transparency with the agreement and that is what we will deliver,” Mr Crisafulli said.

The prospect of computer technologies that would be exponentially more powerful than what exists today has enticed billions in investment globally, with nations competing for an advantage that could provide enormous economic reward.

Australia’s chief scientist Cathy Foley says quantum is no longer a “laboratory curiosity” and Australia is seeing quantum technologies being adopted across industry.

Global consultancy McKinsey has estimated the sector could be worth trillions within the next decade, with particular applications for problem solving in the sciences, and powering navigation and communication tools.

The first “State of Australian Quantum” report says Australia’s own quantum industry will be worth a projected $6 billion and employ 19,400 Australians by 2045.

Growing investment, but report warns ‘patient’ money is needed 

The federal government has earmarked $1 billion for critical technologies including quantum companies, committed $36 million towards “real world use cases” for quantum, and in April announced with the Queensland government $940 million for a world-first commercial grade quantum computer in Brisbane, which it said would provide “mammoth computing power to supercharge Australian industry”.

Excluding the PsiQuantum investment, federal, state and territory governments have invested a total $231 million into quantum since May of last year.

Industry and Science Minister Ed Husic wrote Australian companies had also led record-breaking capital raising rounds, which were putting Australia as a frontrunner in the emerging sector.

However, the report noted because emerging technologies were inherently risky for private investors, the availability of “trusted, patient” capital had been limited.

It also noted a number of early success stories, such as a cybersecurity company using quantum computing to generate random numbers and encryption to make hacking into systems vastly more difficult.

That company, QuintessenceLabs, announced earlier this year a US partnership to provide “quantum-safe cybersecurity” to government agencies.

As of August this year, there were at least 53 facilities and laboratories researching quantum technology in Australia, and 38 quantum businesses headquartered in Australia.