The Federal Government says the first round of quantum feasibility grants will be ready in early 2024. 

Dr Cathy Foley, the lead scientist and developer of Australia’s inaugural quantum strategy,

has disclosed further details about planned projects, which were established as part of the government's $60 million quantum investment outlined in the May federal budget. 

The Australian Quantum Growth Centre and the Critical Technologies Challenges Program were introduced as key components to advance Australia's quantum sector. 

Dr Foley says quantum technology could revolutionise various industries, citing estimates from CSIRO that project a value of up to $6.1 billion and the creation of 19,000 jobs for Australians by 2045.

Although the two programs are still in the early stages of development, they will soon undergo broader development and feedback processes. 

According to Foley, the government must follow a formal procedure to develop grant guidelines for both initiatives. 

Jacqueline Cooke, the manager for quantum growth at the Department of Industry, Science and Resources, expects applications for round one feasibility grants to open in early 2024, with successful technology demonstrator projects commencing from late 2025.

The timeline also includes the consultation stage for the Australian Quantum Growth Centre, scheduled for early July 2023, and the Critical Technologies Challenges Program, which will occur in the latter half of this year. 

The Australian Quantum Growth Centre aims to provide an existing organisation with up to $18.5 million in grant funding over four years to deliver industry growth services for the quantum sector. 

These services may encompass support for collaborative research and development opportunities, education and awareness initiatives, international collaboration, and export and investment opportunities. 

The department plans to consult with the quantum industry and researchers to refine the program design and identify potential improvements.