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Most modern cryptography, like the codes that keep transactions safe online, is at threat from quantum computing, he said.

Theres a lot of research to design quantum-resistant cryptography. So, thats one area that were paying a lot of attention to make sure that we are able to do quantum-resistant cryptography well ahead of quantum computers being available.

Mr Hopper said that while commercially available general-purpose quantum computers were still likely decades away, the bank was preparing for a future with the powerful new computing resource.

If you think about the spread of the internet, companies who got in early on that were just in a better position. It was a smart thing to get in early, he said.

Following the release of the national quantum computing strategy last week, the federal government has allocated $101.2 million over five years to support businesses integrating quantum and artificial intelligence (AI) technologies into their operations.

The package includes $20 million over four years to establish an Australian Centre for Quantum Growth, $40 million to encourage business uptake, and $40 million to extend the CSIRO-run National AI Centre.

Mr Hopper welcomed a big, bold step forward for quantum across Australia that he said recognised its potential to be a world leader and the need for ongoing support from government, academia and industry.

Professor Simmons, CEO of Silicon Quantum Computing, said the package proved the government recognised the importance of quantum technologies for Australias future.

The approach contains a range of schemes that will bolster this growing sector and help accelerate commercialisation so that quantum technologies become a great source of future prosperity for Australia, she said.

Silicon Quantum Computing is achieving remarkable results in its devices but support from the government is essential in these deep tech areas where there is a global race.

Michael Biercuk, chief executive and founder of quantum start-up Q-CTRL, said Australia was facing an increasingly competitive landscape and there was a growing risk the local sector would lose its edge if funding dipped.

As other nations invest heavily in quantum technologies, Australia must stay vigilant and match long-term capital commitments to ambitions in order to avoid repeating missed opportunities of the past, Mr Biercuk said.

The Australian Information Industry Association had advocated for a $1 billion investment over five years in quantum technologies.

The budget is good for the tech sector, but there remains room for greater support, association chief executive Simon Bush said.

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Why CBA placed an early bet on quantum computing - The Australian Financial Review