Queensland budget increases investment in quantum technologies to $90 million

The Queensland government is continuing its investment into quantum technologies, with the Queensland budget revealing $89.7 million over five years for the Queensland Quantum Academy and the Queensland Quantum and Advanced Technologies Strategy.

Both the Queensland Quantum and Advanced Technologies Strategy and Queensland Quantum Academy were originally announced in late 2023.

The quantum strategy focuses on leveraging the state’s research and fabrication capabilities in quantum technologies, including semiconductors, superconductors, photonics and micro-electromechanical systems for use in sectors like renewable energy, critical minerals, batteries, medicine and defense.

The strategy’s five key pillars are: maintaining deep science capability, promoting science commercialisation, developing a skilled quantum workforce, engaging industries in using deep science, and attracting investment to support the quantum ecosystem.

At the time, it was said the state government would invest $76 million over four years to support this implementation, which would be overseen by Quantum Innovation Queensland.

This new governance group is made up of representatives from state universities, industry and government and will be led by Queensland’s Chief Scientist.

However, slightly more is now being poured into the sector. Queensland’s Department of Environment, Science and Innovation confirmed with SmartCompany that an additional $7.7 million over five years is being set aside to implement the quantum strategy, bringing the total to $83.7 million.

The budget also includes a separate $6 million across five years for the development of the Queensland Quantum Academy.

According to the budget papers, these moves have “the potential to leverage billions of dollars” and will create up to 400 new jobs.

“I want Queensland to be at the forefront of new technologies and take a leading position in quantum research,” Queensland’s then-premier Annastacia Palaszczuk said when the quantum strategy was announced on October 3.

Queensland’s science minister, Leanne Linard, echoed these sentiments after the state’s inaugural Quantum Innovation Queensland meeting in early December.

“The Palaszczuk Government is committed to making Queensland a leader in quantum research and creating good, high paying and secure jobs in this industry of the future,” Minister Linard had said.

“Quantum science will be critical in helping solve national and global challenges and will revolutionise several key fields and industries including renewable energy, critical minerals, batteries, medicine and defence.”

“Our government is determined to build upon the foundation we have as the Smart State in powering the second quantum revolution.

This funding is separate from the $465 million the Queensland government already earmarked for PsiQuantum setting up a regional hub in Brisbane. This was part of a co-investment with the federal government, bringing the total investment into PsiQuantum — which claims to have built the first commercial-scale fault-tolerant quantum computer —  to nearly $1 billion.

However, this investment has been shrouded in controversy, particularly in regards to the secrecy around the investment and due diligence concerns.

Fresh rounds of questioning were raised during Senate estimates last week. Meghan Quinn, secretary of the Department of Industry, Science and Resources, faced scrutiny over the departure of Duncan McIntyre, the former deputy secretary overseeing the PsiQuantum deal. Quinn denied his exit was linked to the deal and defended the due diligence process.

Task force leader Anthony McGregor’s confirmation of early due diligence also sparked allegations of preferential treatment. Reports further revealed PsiQuantum hired Labor-linked lobbyists in May 2023, and Shadow Minister Paul Fletcher accused the government of concealing the truth, vowing to investigate claims that dissenting officials were sidelined.

Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on LinkedIn.