The Australian government commits nearly A$1 billion to quantum computing development, with a large sum allocated to PsiQuantum.

This funding initiative is part of the 'Future Made in Australia' Plan aimed at promoting domestic manufacturing and technology innovation.

The investment aims to enhance Australia's sovereign capabilities in quantum technology and stimulate the growth of a local quantum tech ecosystem.

Projected economic benefits include an additional $48 billion in GDP and the creation of 240,000 new jobs by 2040.

The initiative may incentivize Australian quantum scientists abroad to return and pursue their careers domestically.

PsiQuantum is progressing in quantum computing using photon-based technology, leveraging standard semiconductor fabrication for photonic chips.

By the end of 2027, PsiQuantum plans to operationalize its manufacturing and production facility in Brisbane, marking Australia's advancement in quantum tech commercialization.

Australia's strategic investment positions it as an aspiring global leader in quantum technology, competing with current frontrunners, the US and China.