Australia’s quantum technology set for growth

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The market for quantum technology is expected to exceed $6 billion and generate over 19,000 jobs in Australia, according to updated projections released by CSIRO.

The CSIRO’s Growing Australia’s Quantum Technology Industry Roadmap was updated two years after it was first published and now takes into account the development of quantum technology in all three of the report’s major areas: quantum computing, sensing and measurement, and communications.

The current research confirms the economic findings from the earlier analysis while offering cautious projections, improving the original modelling, and extending the forecast from 2040 to 2045.

CSIRO Senior Economist Mingji Liu said the most recent domestic and international advances in quantum technology potential were reflected in the updated statistics.

“Our updated modelling reaffirms that quantum technology continues to be a significant opportunity for Australia in the years to come. Although there is still uncertainty as to how quantum technology will be commercialised both around the world and domestically, the start-up funding and investment in quantum is encouraging,” Liu stated

CSIRO Quantum Technologies Director Jim Rabeau said Australia is at a crossroads in quantum technologies.

“In the last 18 months alone we’ve seen a significant increase in focus to strengthen our position in the emerging global quantum industry,” Rabeau added.

According to Rabeau, CSIRO has established its Future Science Platform, a number of new firms have received funding or passed critical milestones, a tech industry association has been formed, and there is a strong national emphasis.

CSIRO Chief Executive Larry Marshall said Australia is now at a critical juncture in the development of its quantum sector, with a crossroads between research and commercialisation.

Key economic modelling statistics that have been updated:

  • In terms of revenue, Australia’s quantum technology opportunity might reach $2.2 billion by 2030, creating 8,700 jobs.
  • In five years, this may grow to $3.3 billion by 2035, then $4.6 billion by 2040, creating 16,100 employment (the same as original projections in 2020).
  • By 2045, Australia’s quantum technology opportunity might be worth roughly $6 billion and create 19,400 employment.

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