‘Country mile ahead’: How PsiQuantum won a $1b investment

Paul Smith, John Davidson and Tess Bennett

Apr 30, 2024 – 6.20pm

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Australia’s Chief Scientist Cathy Foley said the decision to invest $1 billion of taxpayer funds in PsiQuantum was made after assessments showed it was “a country mile ahead” in the global race to build a functioning quantum computer.

Dr Foley, who was the government’s technical adviser on the investment, said that – after initially fearing that PsiQuantum’s claims were “dodgy” back in 2022 – the government had been convinced over a two-year assessment. This included an expression of interest process with other firms, that showed they were lagging their US-based rival.

Paul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy.

John Davidson is an award-winning columnist, reviewer, and senior writer based in Sydney and in the Digital Life Laboratories, from where he writes about personal technology.

Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter.