Australia has committed approximately A$940 million (US$617 million) to support PsiQuantum, a Silicon Valley-based quantum computing company, in its efforts to develop the world's first 'useful" quantum computer. The Queensland government will contribute half of this funding, and in return, Psis will establish its quantum computing project in Brisbane, with a regional headquarters at Brisbane Airport. Potential applications include cryptography, materials discovery, climate modeling, and healthcare innovation.