Innovation News

Aust’s quantum technology to grow $6B by 2045

Eliza Sayon Oct 21, 2022

2 min read

CSIRO, Australia’s national science agency, predicts that quantum technology will reach $6 billion and generate more than 19,000 jobs in Australia by 2045.

The report from the agency’s ‘Growing Australia’s Quantum Technology Industry Roadmap’ provided conservative estimates and refinements on the growth trajectory of quantum technology across quantum computing, sensing and measurement, and communications.

The results from the report show that innovation in such technologies could conservatively reach $2.2 billion and generate 8,700 jobs by 2030.

CSIRO Senior Economist Mingji Liu said that the updated figures reflected recent domestic and global developments in such opportunities.

“Our updated modelling reaffirms that quantum technology continues to be a significant opportunity for Australia in the years to come,” Mr Liu said.

“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.”

Similar to the original projections in 2020, the report states that the opportunities could rise to $3.3 billion by 2035 and reach $4.6 billion by 2040, all while generating 16,100 jobs.

It is expected that Australia’s quantum technology opportunity could reach nearly $6 billion in total and generate 19,400 jobs in 2045.

According to CSIRO Quantum Technologies Director Jim Rabeau, it’s an exciting time for Australia in quantum technology.

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

“CSIRO has launched its Future Science Platform, a number of new companies have been backed or reached key milestones, a tech industry group has been formed and we’re seeing an intensive national focus.”

According to CSIRO Chief Executive Larry Marshall, Australia is now at a pivotal stage of growing its quantum industry and is at a tipping point between research and commercial development.

“We need to harness our bold vision for what this breakthrough technology could mean for some of our largest industries,” Dr Marshall said.

Source: CSIRO media release. Content has been edited for style and length.

Eliza Sayon

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Eliza is a content producer and editor at Public Spectrum. She is an experienced writer on topics related to the government and to the public, as well as stories that uplift and improve the community.