The government is slating a $1 billion investment in supercomputing technology through the national reconstruction fund, which would put the nation at the cutting edge of new technology.
Industry Minister Ed Husic unveiled the new national quantum strategy on Wednesday, identifying five key areas.
The areas include investing in research and development, securing the necessary infrastructure and materials and growing a skilled workforce.
"I can't emphasise this enough, quantum technologies will be truly transformative. We are already seeing how quantum sensing equipment is making a huge difference for industry," he said.
"In time, quantum computing will unleash incredible computing power that can phenomenally outperform traditional computing."
It's estimated quantum industries could create 19,400 jobs and $5.9 billion in revenue by 2045.
Benefits includes cutting the time and cost of developing new medicines, boosting the transition to net-zero emissions and shoring up cyber security.
The second part of the AUKUS alliance with the US and UK is underpinned by developing cutting edge quantum technology as well as artificial intelligence and hypersonics.
Defence Minister Richard Marles said the aim was to use the relationship between the three countries to break down the technology-sharing barriers.
"If you are not in the technological race, you're not in the game," he said.
Quantum science describes the behaviour of matter and light on the atomic and subatomic scale.
It has the potential to be used to build advanced technologies such as sensors, simulators and communication devices, as well as highly-sophisticated computers, security systems and medical devices.
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