Australia is one step closer in its quest to be the first in the world to crack the code and build a fully-fledged quantum computer.

Today I was delighted to join with representatives from the University of New South Wales, the Commonwealth Bank of Australia, Telstra and the New South Wales Government to launch a new Australian quantum computing company, Silicon Quantum Computing Pty Ltd.

Quantum computers are expected to transform the way we live, work, and do business over the coming decades—creating new jobs in new industries not even imaginable today.

If Australia wins the global race to build a functional quantum computer, it will create new industries and job opportunities across our economy.

The Australian Government through its National Innovation and Science Agenda is investing $25 million over five years in Silicon Computing to produce a prototype quantum computer chip—the first step in building a fully-functional quantum computer.

In addition to the Government’s investment, the University of New South Wales is contributing $25 million, the Commonwealth Bank of Australia and Telstra are providing $10 million each to fund this world-leading research over the next five years.

These investments are on top of previous government support for the technology and the Commonwealth Bank of Australia’s $4.14 million prior investment in the sector.

Today the NSW Government announced that it will also support this ground-breaking research by investing $8.7 million in Silicon Quantum Computing.

The power and potential of quantum computing is game changing—quantum computers are expected to exceed the combined power of all the computers currently on Earth.

They have the potential to solve, in a matter of hours, complex problems that would take a digital supercomputer more than a lifetime to achieve.

This is going to offer enormous advantages for a range of sectors, including finance, security and transport.

Silicon Quantum Computing is a prime example of how governments, researchers and business can work together to translate great Australian research into commercial reality, and I congratulate everyone involved.

Quantum computing will help shape how we deal with health, our living spaces, our businesses, our transport systems, our financial systems and our whole economy and way of life.

The transformative impact of quantum computing will be particularly relevant in the healthcare sector. Instead of waiting for years, personalised medicines could be made available very quickly, saving not just time, but, importantly, lives.