ANTHONY ALBANESE MP
PRIME MINISTER OF AUSTRALIA

STEVEN MILES MP
PREMIER OF QUEENSLAND

ED HUSIC MP
MINISTER FOR INDUSTRY AND SCIENCE

CAMERON DICK MP
DEPUTY PREMIER OF QUEENSLAND AND TREASURER
MINISTER FOR TRADE AND INVESTMENT

The Albanese and Miles Governments are harnessing the power and potential of quantum technologies to help deliver a Future Made in Australia and make Brisbane a tech manufacturing powerhouse.
 
The Australian and Queensland Governments will invest almost $1 billion into frontier technology company PsiQuantum to build the world’s first fault tolerant quantum computer in Brisbane.
 
PsiQuantum’s co-founders include Australians Professor Jeremy O’Brien and Professor Terry Rudolph, and the beginnings of its world leading computing approach were developed by Professor O’Brien at the University of Queensland.
 
This investment marks the start of a manufacturing and production partnership with Queensland and Australia that will create up to 400 new highly skilled ongoing jobs with the company.
 
Quantum computers are considered the next major development in computing, delivering tremendous data processing power, well beyond the capabilities of today’s super-computers.
 
That processing power can help solve problems conventional computers can’t and can help drive advances in areas like new medicines, AI and the net zero transition.
 
PsiQuantum is a global leader in quantum computing and has attracted significant private investment.
 
The joint government investment into PsiQuantum will secure its Asia-Pacific headquarters in Brisbane.
 
This will mean hundreds of direct jobs and billions of dollars of direct investment in Australia by PsiQuantum – investment that would otherwise have gone overseas.
 
As a result the company will become a cornerstone customer of Australia’s digital, quantum and AI supply chains, adding further economic value to the nation.
 
The joint Commonwealth-Queensland investment includes approximately $470 million in equity and loans from each government.
 
As part of this investment, PsiQuantum will:

• Establish its Asia-Pacific Headquarters in Brisbane.
• Build and operate successive generations of its Fault Tolerant Quantum Computer (FTQC) in Brisbane.
• Create up to 400 highly skilled local jobs.
• Establish partnerships with the 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.

 
This investment aligns with the Government’s commitments under the National Quantum Strategy.

As at 30 April 2024.