Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Industry, Innovation and Science, Senator Sinodinos. Can the minister apprise the Senate of how the Turnbull government is helping to position Australia at the forefront of quantum computing, and to seize the opportunities and jobs that quantum computing can bring?

Arthur Sinodinos (NSW, Liberal Party, Minister for Industry, Innovation and Science) Share this | Link to this | Hansard source

The Australian government is leading the global pack in the development and commercialisation of groundbreaking quantum computing technology in Australia. On 23 August, I was delighted to launch a new $83 million Australian quantum computing company, called Silicon Quantum Computing. As part of our National Innovation and Science Agenda we as a government are investing over $25 million over five years in this company, in partnership with the University of New South Wales, Telstra and the Commonwealth Bank. We anticipate that the new company will catalyse the development of silicon quantum computing technology and a related innovation ecosystem right here in Australia. The company aims to be the first in the world to build a functional quantum computer chip using silicon—the first step in building a fully fledged quantum computer.

Quantum computers are expected to exceed the combined power of all the computers currently on earth. They will allow us to solve problems in mere hours that would take digital supercomputers longer than a lifetime to achieve. This will redefine industries across the economy and create vast new job opportunities for Australians. Governments around the world are investing vast sums of money in quantum technologies and platforms, and I'm pleased to say that, by backing Silicon Quantum Computing, not only are we positioning Australia as a strong competitor in the global quantum computing race; we're setting up our country to win it, bringing us unparalleled new job opportunities and growth.

Stephen Parry (President) Share this | Link to this | Hansard source

Senator Hume, a supplementary question.

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

Can the minister also outline how the establishment of the Silicon Quantum Computing company demonstrates the Turnbull government's commitment to promoting collaboration between researchers, industry and government?

Arthur Sinodinos (NSW, Liberal Party, Minister for Industry, Innovation and Science) Share this | Link to this | Hansard source

I forgot to thank the honourable member before for her question and her interest in all of this. The Silicon Quantum Computing company is a great example of government coming together with businesses and researchers to build a future industry for our country. In addition to our investment of $25 million, the University of New South Wales is contributing a further $25 million, with the Commonwealth Bank and Telstra providing $10 million each. The New South Wales state government recently pledged $8.7 million to the company.

At the centre of the National Innovation and Science Agenda is the development of a collaborative ecosystem in Australia, bringing together research, ideas and entrepreneurship to create Australian jobs. When I became minister, I said I wanted to make collaboration a hallmark of my efforts in the portfolio. The establishment of the Silicon Quantum Computing company is yet another example of our government delivering on that commitment.

Stephen Parry (President) Share this | Link to this | Hansard source

Senator Hume, a final supplementary question.

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

I thank the minister for his very encouraging answer. How does the Turnbull government's investment in quantum computing complement the other work that has already been completed as part of the National Innovation and Science Agenda?

Arthur Sinodinos (NSW, Liberal Party, Minister for Industry, Innovation and Science) Share this | Link to this | Hansard source

In addition to our investment in quantum computing, the Turnbull government has substantially completed the implementation of our National Innovation and Science Agenda. We've established new tax incentives for early-stage investors. We've changed the rules surrounding venture capital limited partnership. We've launched the $200 million CSIRO Innovation Fund to support new spin-off companies from Australian research institutions. We've established the $500 million Biomedical Translation Fund to commercialise medical discoveries. We've launched the Cyber Security Growth Network to help our businesses take advantage of a growing international market. We've set up a digital marketplace to make it easier for small to medium enterprise to compete for Australian government IT contracts. We're supporting Australians, particularly schoolchildren, to develop the skills they need for the jobs of the future, targeting digital literacy and encouraging participation in science, technology, engineering and maths. And there's more to come.