Australia urged to boost funding & diversity in quantum computing
Australia has been urged to significantly increase both public and private funding for quantum computing projects to fully realise the advantages the technology could bring, according to a new paper from the Actuaries Institute.
Funding landscape
Australia is currently home to a range of quantum hardware and software development initiatives. While some projects have already received financial support from both federal and state governments as well as private backers, analysts suggest this investment remains limited in scope.
The Australian and Queensland governments have committed nearly AUD $1 billion towards establishing the US-based photonics company PsiQuantum's operations in Brisbane. However, current research and development in the area is described as largely experimental, with no clear solutions yet in sight, according to Anthony Lowe, Lead Author of the new Dialogueue Paper, actuary, mathematical physicist, and Actuaries Institute Council member.
"Nearly $1 billion is being invested by the Australian and Queensland governments in that project. But the work in this field is still very experimental," said Dr Lowe, Actuary, Mathematical Physicist and Council Member, Actuaries Institute.
Diverse approaches
There are eight main approaches being explored globally to build a functioning quantum computer. Lowe notes that Australia's expertise spans several of these methods. The country has a number of quantum hardware development companies and academic teams working on quantum algorithms at its universities. However, the report cautions that most public spending has focused on a single project, risking an overconcentration of resources and expertise.
"There are eight broad approaches to building a quantum computer, and Australia has globally recognised expertise in a number of those.
"Australia has several interesting quantum hardware development companies and teams of mathematicians and theoretical physicists at universities working on quantum algorithms. We need to invest more in a wide variety of the approaches they're taking to maximise the benefits for Australia and not get left behind," said Lowe.
Sector potential
Quantum computing is based on fundamentally different mathematical principles compared to conventional methods. This allows for the completion of certain tasks far more quickly and accurately. Sectors anticipated to gain from long-term quantum advances include pharmaceuticals, climate modelling, financial services and artificial intelligence.
While commercial quantum computers are not expected to become widely available for at least another decade, recent global developments indicate accelerating research competition. Policymakers and industry leaders are watching closely as countries across North America, Europe, and Asia increase funding to secure an early stake in the new technology.
Cybersecurity risk
Alongside the anticipated benefits, quantum computing presents new cybersecurity challenges. There are growing concerns that future quantum machines could break existing encryption methods and expose sensitive data. Australian authorities have already called for action among organisations holding personal information.
"Hackers are already running harvest-now-decrypt-later style cyberattacks where they copy personal data held by a company and store it until they can access a working quantum computer," said Lowe.
Lowe highlights the need for organisations, including banks, insurers, healthcare providers, retailers, and government agencies to begin preparations for quantum-resistant encryption. He warns that the transition to new encryption standards will require a significant lead time.
"Organisations that don't start preparing now will face significant cyber security risks in the future.
"Few organisations outside of the cybersecurity industry appreciate that transitioning to new encryption standards to protect people's data will be a long time-consuming process. The time to act is now," said Lowe.
