QLD locks in 400 quantum-based jobs

The Queensland and federal governments have joined forces to secure funding for the creation of 400 quantum-based roles through plans to bring quantum technology to the state.

The plan forms part of both the state and national government plan to ensure Queensland’s capital, Brisbane evolves into a tech manufacturing powerhouse. 

It also falls under the new Future Made in Australia Act, which includes plans for a wider-reaching strategy to uplift investment and create jobs.

The two governments will invest close to $1 billion into technology company PsiQuantum to build the world’s first Fault Tolerant Quantum Computer (FTQC) in Brisbane.

The investment will be delivered in the form of a financial package, comprised of equity, grants, and loans valued at around $940 million, or $470 million from each government. 

It’s estimated that the investment will initiate a new era of manufacturing and production within the state, leading to the creation of 400 positions at PsiQuantum. 

The Californian-based company is aiming to deliver the world’s first useful, fault-tolerant quantum computing systems – a system that can perform calculations with low error rates.

PsiQuantum intends to build the quantum computer at a site near Brisbane Airport and plans to be operational by the end of 2027. 

The company will set up its headquarters in the state’s capital, set up partnerships with the local quantum industry, create a dedicated climate research centre, open digital and advanced tech supply chain opportunities plus invest in higher education. 

PsiQuantum’s co-founders include Australian professor Jeremy O’Brien and professor Terry Rudolph.

Prime Minister Anthony Albanese said, “It takes great partnerships to build new industries. We need to make bold investments today if we want to see a Future Made in Australia.

“We are proud to be working with the Queensland Government to make visionary investments in the future of our nation.

“This investment shows we are serious about building a strong quantum ecosystem here in Australia,” Albanese said. 

Queensland premier Steven Miles added the news is backed by the state’s Quantum and Advanced Technologies Strategy.

“This investment partnership is as significant for Queensland and the nation as the first silicon microprocessors were to California that established Silicon Valley,” Miles said. 

Australia’s chief scientist Dr Cathy Foley said, “Quantum computing is a transformational and strategically important technology. 

“It will disrupt all sectors of society. Australia is perfectly placed to achieve a globally significant quantum industry, but we can’t take a business-as-usual approach to realising this potential.

"We must take advantage of the quantum technology wave to reach the industry scale needed by attracting quantum companies to set up manufacturing here. 

“This investment shows that Australia is serious about its quantum industry development by ensuring we are at the front of the pack in the global race to build the first useful quantum computer,” Foley said.