The New South Government has established a $26 million fund to support research into quantum computing.
The NSW deputy premier and minister for skills and small business, John Barilaro, formally launched the Quantum Computing Fund today, though details on the fund remain scarce.
"The government will soon be making announcements about investments to support quantum computing development, commercialisation and high-level skills," a government statement said.
"NSW researchers are already pushing the boundaries in this exciting field and the new fund will help to build even more momentum behind their work," Barilaro said.
"It's widely recognised globally that NSW is well and truly punching above its weight in the field of quantum computing, and the state government is keen to ensure our researchers maintain their world-leading position in what's being dubbed the new 'space race' - the race to build the world's first quantum computer."
NSW is home to major research efforts focused on quantum computing.
The Centre for Quantum Computation and Communication Technology (CQC2T) at UNSW is backed by Telstra and the Commonwealth Bank.
The University of Sydney's Quantum Nanoscience Laboratory houses the Microsoft-backed Station Q.
"If quantum computing becomes a reality it will have a profound impact on all our lives and the state government is committed to making NSW a world leader in this new and exciting technology," Barilaro said.
Earlier this year a team of researchers at the University of Technology Sydneyrevealed details on their work to build a programming environment for quantum systems.
At a federal level, the government has said it supports the development of an Australian "quantum ecosystem" and industry.
The government's key cyber security guide, the Information Security Manual, was last year updated take into account the impending threat to encryption posed by quantum computing.
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