The Australian Government has announced a $70M investment plan in quantum computing and technology.
In recent years, Australia has confidently taken on emerging technologies such as cryptocurrency and blockchain technology and has now taken a new step into quantum computing. The purpose behind this investment is to develop Australia as a Quantum Commercialisation Hub and strengthen Australia’s position in the global market as well as develop international supply chains.
Quantum computing refers to computers that utilise quantum states to perform calculations. This is an incredibly complex area of technology but in short, means that current computational algorithms and procedures can be performed approximately 100 million times faster through quantum computing! This is increasingly important as major companies constantly work with massive and arduous data sets. We will likely see quantum computing first utilised in Australia in the Defence and cybersecurity sector before public use. Although, quantum computing has the potential to revolutionise the industries of “finance, communications, energy, health, agriculture, manufacturing, transport, and mining”.
Unfortunately, Australia currently lacks the know-how to develop quantum computing and will rely on overseas imports. However, this is beneficial as it will utilise the Quantum Commercialisation Hub as a gateway for like-minded countries and companies. As its first order of business, Australia entered into a joint cooperation agreement with the United States of America to foster growth in this technological field. Additionally, Scott Morrison noted that he is looking to strengthen Australia’s connection with India and Japan as we usher in this new technological era.
Around the same time as this news, Google announced a $1B investment into Australia as a technological epicentre. Google interestingly views Australia as a leader in technological innovation and has called for Sydney to become the “Silicon Valley of the Southern Hemisphere.”
Quantum computing does pose a legal issue as bad actors will be likely to crack current encryption standards. This may create regulatory issues for commercial use of quantum computing and require the development of new cybersecurity and privacy laws. This is a fresh area of technology, and it is too difficult to say how serious of implication quantum computing will have on the current legislative regime.