Prime Minister Scott Morrison announced on Wednesday that Australia will spend A$100 million ($73 million) to develop quantum technology, as part of a list of nine technologies that Canberra considers important to the country’s interests.
Quantum technology, which is based on fundamental physics principles, is still in its infancy, but it has become a hot topic among investors hoping to revolutionize everything from healthcare and banking to artificial intelligence and weather forecasting.
Australia has committed to spending billions of dollars in recent months to modernize its economy and reduce its reliance on China by boosting manufacturing in industries such as resources and vital minerals, as well as supporting the development of low-emission technology.
Australia will fund nine technologies as part of its economic plan, the first of which is quantum technology. The majority of the proposed A$100 million will go into commercializing Australia’s quantum research and establishing connections with global markets and supply networks.
“Quantum science and technology has the potential to revolutionize a whole range of industries,” Morrison said in a speech on Wednesday.
The announcement was welcomed by Australia’s information technology sector.
Morrison said other technologies that will be supported include advanced cyber security, communications, mineral exaction, autonomous vehicles, and novel antibiotics.
But 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,” Morrison said.
