Think quantum technology is science fiction? Think again. This revolutionary technology is rapidly becoming a business reality that could transform industries across Australia — and your business might be next.
Australia isn't just participating in the quantum revolution, we're leading it. With 26 organisations pursuing quantum research, including 16 universities and six ARC Centres of Excellence, plus at least 53 quantum facilities nationwide², Australia punches well above its weight in this emerging field.
Traditional computers process information using bits that are either "on" or "off" (1 or 0). Quantum computers use quantum bits or "qubits" that can be both states simultaneously — a phenomenon called superposition. This allows quantum computers to explore multiple solutions simultaneously, making them exponentially more powerful for certain calculations.
Quantum technology encompasses three main areas:
Think of it this way: if a traditional computer is like a single-lane road where data travels one bit at a time, a quantum computer is like a multi-dimensional highway where thousands of possibilities can be explored simultaneously.
The numbers are compelling: quantum technologies could contribute $6.1 billion to Australia's GDP by 2045 and create over 35,000 jobs across the economy¹. Even more importantly for SMEs, mainstream commercial application is now years, not decades away.
Our quantum success stories are impressive: Australian-headquartered quantum businesses have received at least $179 million in private investment³, while public funding totals $231 million as of November 2024⁴. The Government has invested $18.4 million to create Quantum Australia⁵, and Q-CTRL expanded its Series B funding to $166 million in October 2024 — the largest funding round for a quantum software company⁶. Meanwhile, the Australian and Queensland governments invested $940 million in PsiQuantum to build the first utility-scale fault-tolerant quantum computer in Brisbane⁷.
Quantum technology is solving problems today. Silicon Quantum Computing has helped the Commonwealth Bank trial fraud detection approaches and worked with Telstra to detect network anomalies. Practical applications include:
Financial services: advanced fraud detection, optimised trading strategies and enhanced risk assessment;
Healthcare: accelerated drug discovery through molecular simulation and more precise medical imaging;
Resources and mining: quantum sensors measuring magnetic and gravitational characteristics deep underground, leading to new ore discoveries;
Supply chain: complex logistics optimisation and improved resource allocation and
Cybersecurity: quantum communications offering unprecedented security through quantum key distribution.
You don't need to become a quantum physicist to benefit. Just as you use the internet without understanding its technical workings, quantum technology will be delivered as accessible services.
Assess your challenges: Do you struggle with complex optimisation, route planning, resource allocation or pattern recognition? These are exactly what quantum computing excels at solving.
Consider security needs: Post-quantum cryptography standards are being finalised⁸, meaning businesses must upgrade security systems to remain protected.
Think competitive advantage: Early adopters of transformative technologies often gain significant advantages. Understanding quantum applications now positions you for when mainstream adoption arrives.
Quantum technology represents a fundamental shift in problem-solving capabilities. While full impact may be years away, the groundwork is being laid now, and Australia is uniquely positioned to lead this transformation.
For members, the question isn't whether quantum will affect your business, but when and how. By understanding the basics and identifying potential applications now, you're positioning your business to leverage this revolutionary technology as it becomes accessible.
The quantum future is closer than you think, and for Australian Industry Group members willing to embrace it, the opportunities are enormous.
Australian Industry Group, in collaboration with Standards Australia and Engineers Australia invites you to a forward-looking webinar exploring how quantum technologies are transforming the engineering and manufacturing sectors.
Year of the Quantum: What it means for engineers and manufacturing | Engineers Australia
¹ Source: Australian Government National Quantum Strategy - Australia's quantum opportunity
² Source: State of Australian Quantum Report 2024 - At a glance: Australia's quantum ecosystem
³ Source: State of Australian Quantum Report 2024 - At a glance: Australia's quantum ecosystem
⁴ Source: State of Australian Quantum Report 2024 - At a glance: Australia's quantum ecosystem
⁵ Source: State of Australian Quantum Report 2024 - Progress
⁶ Source: State of Australian Quantum Report 2024 - Progress
⁷ Source: State of Australian Quantum Report 2024 - Progress
⁸ Source: CSIS - Quantum Technology: Applications and Implications
⁹ Source: State of Australian Quantum Report 2024 - Measures of success
Learn more: Quantum Australia | Department of Industry, Science and Resources
David is Director of Emerging Industries and Innovation at the Australian Industry Group.
He has been part of Australia’s innovation ecosystem for more than 15 years and has worked at the executive level across multiple industries in large and small organisations to facilitate innovative solutions to complex problems.
David has maximised opportunities for Australian industry in $88 billion of major projects, delivered financial assistance of more than $22 million to innovative SMEs and pulled together over 150 commercially astute leading-edge research/industry collaborations that have resulted in novel technology and jobs of the future.
