888-384-7144 info@insidequantumtechnology.com

CSIRO Says Quantum Will Generate $4 Billion Dollars Annually and 16,000 Jobs by 2040 in Australia

By IQT News posted 21 May 2020

(CSIRO.au) A new roadmap from Australia’s national science agency, CSIRO, outlines a vision to create a thriving quantum technology industry, generating $4 billion dollars annually and 16,000 jobs by 2040.
The Growing Australia’s Quantum Technology Industry report identifies actions that could be implemented to help transform Australia’s world class research and quantum start-ups into a competitive industry with long-term economic growth potential.
CSIRO Chief Executive Dr Larry Marshall said quantum technology can help Australia grow a sustainable technology industry. “As Australia recovers from the impacts of COVID-19, we will need to create new industries to give Australia unfair advantage globally to produce unique high margin products that support higher wages,” Dr Marshall said.
“Science and Technology are the key to economic prosperity in a world driven by disruption.”
CSIRO Chief Scientist Dr Cathy Foley identified quantum computing as the most promising long-term opportunity for Australia, but researchers and industry need to work together to overcome development challenges.
“Quantum computing has the potential to contribute more than $2.5 billion to the economy each year, while spurring breakthroughs in drug development, more efficient industrial processes, and accelerated machine learning systems,” Dr Foley said.
“The commercialisation of quantum enhanced sensors and communications technologies could also generate upwards of $1.7 billion revenue.
“To realise these opportunities, we need a national conversation about a coordinated, collaborative approach to growing a thriving domestic quantum economy.”
Phil Morle is partner at Main Sequence Ventures, which manages the CSIRO Innovation Fund and invests in quantum start-ups.

Subscribe to Our Email Newsletter

Stay up-to-date on all the latest news from the Quantum Technology industry and receive information and offers from third party vendors.