For decades, the United States has been the undisputed leader of the global technology industry. Companies such as Apple, Microsoft, Google, NVIDIA and Amazon transformed the modern economy and attracted many of the world's brightest minds.

Today, however, China has emerged as a genuine technology superpower.

Artificial intelligence, electric vehicles, battery technology, robotics, advanced manufacturing, telecommunications, quantum computing and renewable energy are now fields in which Chinese companies compete head-to-head with their American rivals. In some sectors they are setting the pace rather than following it.

The question for Australia is different.

We are not competing with either nation in size or investment.

Instead, Australia must ask whether it can remain a country where great ideas are born, developed and commercialised.

Australia has produced remarkable technology successes.

Canva has become one of the world's great software companies while remaining proudly Australian in its origins. Atlassian demonstrated that enterprise software developed in Sydney could conquer global markets. Companies such as WiseTech Global continue to dominate specialist industries, while emerging businesses are building expertise in medical technology, mining technology, agricultural technology, cyber security, defence industries and quantum computing.

Australian universities continue to produce world-class research.

The challenge is converting brilliant research into billion-dollar Australian businesses.

Too often the inventor leaves.

Founders frequently relocate to Silicon Valley, Singapore, London or Dubai seeking larger investment markets, easier access to global customers and deeper pools of venture capital.

Australia risks becoming an exporter not only of minerals but of ideas.

That does not mean the future is bleak.

Australia possesses several competitive advantages.

Our mining expertise has created globally recognised mining technology companies. Agricultural innovation is increasingly important as food production becomes more sophisticated. Medical research continues to deliver international breakthroughs, while defence technology has become strategically important as governments increase investment in national security.

Artificial intelligence offers perhaps Australia's greatest opportunity.

Unlike heavy manufacturing, AI rewards creativity, specialised knowledge and highly skilled people rather than simply population size. A talented Australian team can build software capable of serving millions of customers around the world.

Government policy also matters.

Tax incentives for research and development, access to venture capital, skilled migration and modern digital infrastructure all influence whether entrepreneurs choose to build their companies in Australia or elsewhere.

The next Canva is almost certainly already being developed somewhere.

The question is whether it will grow into a global company headquartered in Australia—or whether its founders decide the opportunities are greater overseas.

The technology race is no longer simply between China and the United States.

It is also a race among nations to attract and retain the entrepreneurs who will create the next generation of global businesses.

Australia has the talent.

The challenge is ensuring that talent has every reason to stay.