The Australian national government as well as the state of Queensland has announced it will invest the Aussie equivalent of $620 million towards PsiQuantum, a Silicon Valley startup, which is one of several global companies racing to make the first functional commercial quantum computer. The interest comes from the power possessed by quantum technology, which would allow for computing power that easily surpasses any existing computer or supercomputer currently in existence.

By 2027, PsiQuantum plans to build a quantum version of supercomputing facilities. The computer system will use fusion-based architecture and photonics which involve the encoding of Qubits into particles of light. The company did not disclose how its current progress compares to other startups of a similar nature, but believes that the project will ensure that they are at the forefront of the race. When completed, fault-resistant quantum computers may prove useful to several industries including minerals and metals, healthcare, renewable energy and several others. Touted as an opportunity to solve today’s impossible problems, the prospect of such a powerful technology both intrigues and worries many people. 

Outside of the potential granted from these technologies, quantum computing is expected to create jobs for many people, with the current projection being 10,000 jobs made available in Australia by 2040.