The Australian and Queensland governments jointly commit nearly $1 billion to PsiQuantum for developing a potent quantum computer.

The project is anticipated to generate 400 immediate jobs and potentially add $48 billion to GDP and 240,000 jobs by 2040.

PsiQuantum's co-founders, Australian professors Jeremy O'Brien and Terry Rudolph, to set up the Asia-Pacific headquarters in Brisbane.

Industry Minister Ed Husic highlights the initiative's potential to position Australia as a quantum technology world leader.

PsiQuantum aims to deliver the fault-tolerant quantum computer by 2026 or 2027, marking a strategic move to foster a robust quantum industry ecosystem in Australia.