The Australian and Queensland Governments will invest almost $1 billion into frontier technology company PsiQuantum to build a groundbreaking utility-scale fault tolerant quantum computer (FTQC) in Australia.
This investment marks the start of a manufacturing and production partnership that will create hundreds of local high-skilled jobs. It also offers exciting opportunities for our quantum sector that will drive significant economic benefits.
PsiQuantum has chosen Brisbane as the site for its Asia-Pacific headquarters and regional hub.
As part of the investment, PsiQuantum will:
- establish its Asia-Pacific headquarters and build and operate successive generations of its utility-scale FTQC in Brisbane
- create up to 400 highly skilled local jobs
- establish partnerships with our local quantum industry and advanced manufacturing clusters
- create a dedicated climate research centre
- open new digital and advanced tech supply chain opportunities
- invest in university and research collaborations, including PhD positions, mentoring and internship opportunities.
Quantum computing will dramatically improve our ability to solve currently intractable problems. It will transform our approach to medical science, advanced manufacturing and climate change.
According to Boston Consulting Group, investing in the world’s first commercial-scale FTQC could bring up to $48 billion in GDP and 240,000 new jobs in Australia by 2040.
This investment will help deliver the National Quantum Strategy and its vision for a thriving quantum industry in Australia.