Few among Australia’s governing or business elite would disagree with the notion that a thriving technology and innovation sector is vital for the continual growth and evolution of the national economy, but it’s fair to say that the true believers are having a bit of a wobble.

During the COVID-19 pandemic era, the local sector went through a funding boom as US venture capital investors joined the swelling ranks of Aussie funds, ploughing huge sums into fast-growing companies and minting a swathe of new billion dollar-valued unicorns.