Quantum Computing Poised to Transform Australia’s Economy, Says Sector Expert

Insider Brief

• Australia has been a global leader in quantum computing research and development, with startups like Q-CTRL, Silicon Quantum Computing, and Quantum Brilliance driving innovation in the field.
• Quantum computing is poised to revolutionize industries such as agriculture, climate change, and medical research by solving complex problems in seconds, and its mainstream commercial application is expected within a few years.
• Rita Gatt stresses the need for continued investment in Australia’s quantum ecosystem, projecting that quantum technology could contribute around $6.1 billion to the Australian economy by 2045, while also stressing the importance of developing future talent in the field.

Australia, it’s clear, has played a significant role in quantum computing to date on the national level, and the ecosystem of quantum-inspired startups — like Q-CTRL, Silicon Quantum Computing and Quantum Brilliance — equal it as frontrunners in driving innovation.

In a recent interview on Australia’s reputation as one of the world leaders in quantum technology, Rita Gatt, National Lead Partner — Regulation, Security, and Risk at Deloitte, had nothing but positives to say. 

“Australia has held a leadership position in quantum research and development for decades,” said Gatt.

Gatt, speaking on the impact of quantum computing, stressed its revolutionary potential across a variety of industries. 

“Every industry will likely be disrupted,” she said, noting that quantum computers could solve problems that previously would have taken thousands of years to compute in just seconds. From agriculture and climate change to medical research, the applications are boundless. “Quantum computers are going to disrupt all of those industries and really have a positive impact in our ability to solve problems a lot quicker,” she added.

Quantum computing is no longer a futuristic concept but a reality that’s rapidly approaching mainstream adoption. Gatt pointed out that the commercial application of quantum technology is only a few years away. 

“Quantum computing is here now, and its mainstream commercial application is now years, not decades away,” she stated. As quantum computing becomes more accessible, Australian investors have an incredible opportunity to support a sector that is expected to grow significantly in the near future.

Gatt also stressed the importance of investment in Australia’s quantum ecosystem. 

“We have such a fantastic culture and background in terms of our ability to have ideas and innovation concepts, but I’m really excited for us to invest in quantum computing to take that to the next level,” said Gatt. However, Gatt underlined that investment isn’t just about funding the technology. It’s about ensuring that companies are prepared for both the opportunities and the challenges that quantum will bring, particularly when it comes to security.

The economic potential of quantum computing is vast, and Australia is set to benefit significantly. A recent report projected that the global quantum industry will be worth $1 trillion by 2035, and Gatt believes Australia’s contribution will be substantial. 

“In Australia by 2045, quantum technology could contribute around $6.1 billion to our economy,” she said, though she thinks even these figures may be underestimated. “I actually think those numbers are understated… the breakthroughs in industries like mining, agriculture, and medical research could really change the game.”

As the global race for quantum dominance accelerates, Gatt remains optimistic about Australia’s position. 

“We’re probably punching above our weight in terms of our size versus investment,” she stated. But to maintain this edge, Australia will need continued public and private investment, as well as a focus on talent development.

Gatt concluded by paying attention to the need to promote quantum computing more widely and inspire the next generation to engage with this transformative technology. 

“We need to inspire people to study in an area we are going to be completely underprepared for in terms of talent for that type of workforce in the future,” she said, underscoring the importance of fostering interest in quantum science at an early age.