The Australian Government allocated AU$101.2 million (approximately US$67 million) in the 2023-24 May Budget to support the integration of quantum and artificial intelligence technologies. The measure, announced by Industry and Science Minister Ed Husic, provided dedicated funding for quantum alongside the National Quantum Strategy released the previous week, according to the Department of Industry, Science and Resources.
Of the total, AU$40.2 million was allocated to a Critical Technologies Challenge Program, with the first challenge round focused on quantum. An additional AU$19.8 million was committed to establish the Australian Centre for Quantum Growth, intended to catalyze demand for quantum technologies and help Australian companies capture a share of the emerging global market. The remaining funding supported AI initiatives.
Funding for the challenge program would begin flowing in 2024-25, with an initial allocation of AU$10.5 million rising to AU$18 million in 2025-26. The new investment added to the AU$1 billion already set aside for critical technologies through the National Reconstruction Fund.