Queensland Treasurer David Janetzki still tossing up PsiQuantum deal to build fault-tolerant computer

Queensland Treasurer David Janetzki is refusing to reveal whether the state faces financial penalties if it decides to pull out of a $1bn deal to build the world’s first fault-tolerant quantum computer in Brisbane.

Queensland Treasurer David Janetzki. Picture: Richard Walker

Queensland Treasurer David Janetzki is refusing to reveal whether the state faces financial penalties if it decides to pull out of a $1bn deal to build the world’s first fault-tolerant quantum computer in Brisbane.

The controversial deal, struck by US-based tech firm PsiQuantum and the then-Labor-led Queensland and federal governments last year, is under threat with the new Liberal National Party state government ordering a review of its $470m financial stake in the project.

The Australian in November revealed Mr Janetzki had called Treasury officials into briefings to detail the inner workings of the agreement before making a final decision about whether to progress the state’s equity and loans package.

On Tuesday, Mr Janetzki said he was yet to make a decision about the project and was still seeking “further information” about PsiQuantum.

“I really want to focus on value for taxpayer dollar and a lot of what I’m seeking to understand is the value of PsiQuantum to the Queensland taxpayer,” he said.

“The Queensland taxpayer has been living through a cost of living crisis for the last number of years ... I am very aware of making sure that every single dollar, hard earned dollar, of the Queensland taxpayer is put to the highest and best use.”

Mr Janetzki would not be drawn on what additional briefings he was seeking about the deal, whether he had asked for legal advice or whether the state would face large financial penalties if it revoked its support.

“It’s important as a new government that we understand how deals are being structured, the gateways that are necessary and the outcomes that will be of benefit to the Queensland people,” he said.

Labor insiders have previously warned the new Queensland government could open itself to expensive legal action if it decided to withdraw the ­financial contribution promised to the Silicon Valley-head­quartered firm by former premier Steven Miles.

PsiQuantum, which has Australian-born co-founders, secured funding from the Albanese and Miles governments last April after hiring Labor-aligned lobbyists and consultancy firms to help facilitate the deal. It also followed a secretive expression of interest process that industry sources have suggested was ­designed to favour PsiQuantum.

Mr Janetzki has previously raised concerns in parliament about whether the proposed PsiQuantum computer would be too expensive to operate and that the deal was “dripping with Labor lobbyists … and a lack of ­accountability for half a billion dollars to the Queensland taxpayer”.

Psiquantum hired LNP-aligned lobbyist Jeff Popp – a former senior adviser to Newman government Deputy Premier Jeff Seeney – in September.

Mr Popp telephoned and met with Mr Janetzki’s chief of staff Matt Tapsall three times in the fortnight after The Australian revealed the LNP government was considering pulling out of the PsiQuantum deal.

Anthony Albanese has previously warned Australia could not afford to fall behind in the global race to build the world’s first commercial-scale fault-tolerant quantum computer.

A PsiQuantum spokesman said: “We continue to work with the Queensland government and are getting on with the work at hand to deliver the world’s first fault-tolerant quantum computer in Brisbane.”