Investment of $73 Million in Quantum Science as Critical Technology by Australia

Quantum technology, which is based on fundamental physics principles, is still in its infancy, but it is a favorite of investors who want to see it revolutionize industries ranging from healthcare and finance to artificial intelligence and weather forecasting.

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Investment of $73 Million in Quantum Science as Critical Technology by Australia

On Wednesday, Prime Minister Scott Morrison said, Australia will spend A$100 million ($73 million) for quantum technology development,  as it identifies nine areas of technology that could be critical for national interests.

Quantum technology, which is based on fundamental physics principles, is still in its infancy, but it is a favorite of investors who want to see it revolutionize industries ranging from healthcare and finance to artificial intelligence and weather forecasting. Australia has promised in recent months to spend billions of dollars to advance its economy and reduce its reliance on China by stimulating manufacturing in industries such as resources and critical minerals, as well as providing support for the development of low-emission technology.

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Australia has promised in recent months to spend billions of dollars to advance its economy and minimize its dependence on China, by stimulating manufacturing in industries such as resources and critical minerals also backing for the development of low-emission technology.

Australia will support its nine identified technologies that could accelerate its economic plan,   quantum technology is the first of them. Most of the promised A$100 million funds would commercialize Australia’s quantum research and building links with global markets and supply chains.

On Wednesday, Morrison said in a speech, “Quantum science and technology has the potential to revolutionize a whole range of industries,”. Other technologies that will be supported include advanced cyber security, communications, mineral exaction, autonomous vehicles, and novel antibiotics. He also warned of the ethical implications of such new developments. “We need to be asking ourselves what should be done with technology – not just what can be done,” He added. This announcement was welcomed by Australia’s information technology sector.

Morrison said, “In most cases having diverse well-functioning markets can meet our technology needs, but in some cases – for critical technologies – we need to ensure we can access and use such technologies reliably and safely, in good times and bad,”.

Ron Gauci, chief executive officer of the industry group, the Australian Information Industry Association said, “Quantum technology has the potential to be a multi-billion dollar industry that generates thousands of Australian jobs,”.

A report by the CSIRO  “Growing Australia’s Quantum Technology Industry”, the national science agency, 2020, said it could generate over $4 billion and 16,000 jobs by 2040.

Source: NDTV, Reuters

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Investment of $73 Million in Quantum Science as Critical Technology by Australia
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Quantum technology, which is based on fundamental physics principles, is still in its infancy, but it is a favorite of investors who want to see it revolutionize industries ranging from healthcare and finance to artificial intelligence and weather forecasting.
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THE POLICY TIMES
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