Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

At every turn in this parliament, the coalition have made clear that their priorities for the nation are totally disconnected from the needs and aspirations of everyday Australians. Let's just have a little shopping list here. They oppose action on housing. They oppose action on climate change. They opposed our fairer changes to Scott Morrison's tax cuts. They oppose a future made in Australia and bringing manufacturing back home. They oppose elements of our cost-of-living relief. They oppose energy rebates, and they oppose renewable energy rollout. Here today, with this MPI, they're opposing reasonable action by this government to ensure that we have a competitive and world-leading quantum sector here in Australia.

Quantum computing isn't just the next step in our natural technological evolution; it's a leap into the future. What have the coalition done? Instead of embracing it, they've turned their backs on a technology that could create thousands of jobs, drive billions of dollars in investment into Australia and position Australia where it should be: at the cutting edge of global tech innovation. Let me be clear: when the coalition opposes quantum and our investment in this technology, they're not just opposing a technology; they're opposing Australian jobs and Australia know-how. They're opposing a brighter future for our tech sector, and they're opposing Australia becoming a world leader in this technology. We should be an economy that does more than crops and rocks. We need to have a diversified economy. If you look across the world, what sector brings wealth to economies? What sector drives better jobs and better living standards? It is the tech sector. It brings well-paid jobs. It brings flexible working conditions. It builds rewarding careers. And with the investments that we have said we would put into the tech sector, we're saying to them—not only here in Australia but across the world—'We want the tech sector; we want quantum technology to be developed here in Australia.'

With this investment, we've listened to the experts. We've run a rigorous and detailed process that's gone through every angle of scrutiny—economic, technical, commercial and, importantly, in terms of our national security considerations. It concluded that investing in quantum is the right decision for our nation. PsiQuantum, co-founded by two brilliant Australians, Jeremy O'Brien and Terry Rudolph, is a globally leading firm in the quantum computing space. Our investments, partnering with the Queensland government, will mean that this technology will return to Australia and be developed right here.

In partnership with the Queensland government, we've committed $470 million in equity and loans to PsiQuantum. It will mean that Brisbane will be soon be home to the Asia-Pacific headquarters of one of the world's most highly valued quantum computing companies. That means jobs for Queenslanders. It means jobs for the tech sector. The investment aligns perfectly with our first ever National Quantum Strategy, which our government announced just one year ago.

The difference between us and them is that we have a vision for the tech sector and we have a vision for quantum. PsiQuantum and this investment are a core part of that vision. Since our announcement, understandably, everyone has got a bit excited, and they've hit the ground running. They've formed research education partnerships with the Queensland universities. They've opened a research development lab, and they've begun building their Australian team.

This week our government released the advice from the Chief Scientist which underscores the importance of this investment in local industries, and this is the kind of future that we, as part of the Albanese government, want to build. We want to make things here. We want to develop things here. We want to tap into our potential in the tech sector as much as any other. And the rewards, if we get this right, will be transformational, both economically and scientifically. With this investment, we could become a global leader in an industry that will shape the next century, just as others did with semiconductors in the 1970s. If we shy away now, we will miss an opportunity that could never come again. While the coalition continue to oppose our vision and continue to oppose investments in jobs and technology, on the side of the House we'll continue to invest in the industries that will make our country richer and safer.

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