Commonwealth Bank’s quantum computing investment welcomed

The Government today has welcomed the significant investment in quantum computing by the Commonwealth Bank, investing $10 million in the quantum computing project, adding to the Government’s $26 million investment revealed in yesterday’s release of the National Innovation and Science Agenda.

The Minister for Industry, Innovation and Science Christopher Pyne said the Commonwealth Bank’s investment reaffirms the Government’s investment in the world leading silicon-based quantum computing research centre headquartered at the University of New South Wales.

Mr Pyne today said together the Government and Commonwealth Bank will be supporting vital development of a valuable domestic high technology industry providing jobs and economic growth for Australia.

“The Commonwealth Bank’s investment confirms the outcomes that private and public money can deliver for the great good of our nation,” Mr Pyne said.

“Investment in our future, through the National Innovation and Science Agenda is both important for today’s jobs, exports and profits – but also ensuring that future generations can exploit these opportunities.

“The Centre for Quantum Computation and Communications Technology (CQC2T) has the capability of placing Australia on the global map of innovative technologies and the possibilities are endless.

“I look forward to more private and public partnerships in the future that will help to create jobs and grow the economy”.

The Agenda, released yesterday, focusses on four pillars of improving talents and skills, commercialising research, raising capital, and government to change a pervasive culture of risk averseness and build entrepreneurship.

More information on the Agenda can be found at www.innovation.gov.au.