The world is now at the precipice of another technological and social revolution—the quantum revolution. The countries that master quantum technology will dominate the information processing space for decades and perhaps centuries to come, giving them control and influence over sectors such as advanced manufacturing, pharmaceuticals, the digital economy, logistics, national security and intelligence.

The power of quantum computing, quantum communications and other quantum-enabled technologies will change the world, reshaping geopolitics, international cooperation and strategic competition. The new United States administration is well aware of this. In his first weeks in office, President Biden signalled a major new policy focus on science and technology,1 including quantum technologies.2 This will involve new public investment, working closer with allies, and decisions such as re-establishing the President’s Council of Advisors on Science and Technology.3 The Covid-19 crisis has also seen quantum emerge as an investment vector for post-pandemic recovery: large capital investments have been made over the past year by such nations as China, Japan, Germany, France, South Korea and India.

While Australia benefited from the digital revolution of the 20th century, we missed our opportunity to play a major role in the computing and communications technology sector. A similar fate doesn’t have to befall us in the upcoming quantum revolution. We have a long history of leadership in quantum technology and we’re highly influential relative to our size. As geopolitical competition over critical technologies escalates, we’re also well placed to leverage our quantum capabilities owing to our geostrategic location and alliances with other technologically, economically and militarily dominant powers (most notably the Five Eyes countries) and key partnerships in the Indo-Pacific, including with Japan and India. While Australia is well placed to take full advantage of the quantum revolution, the status quo isn’t enough. We must build and capitalise on the immense potential of quantum technologies.