Australia’s $1 billion investment in a US quantum computing firm was a “total drongo” move and would have been better spent supporting local startups, according to David Cameron’s former tech adviser and current Founders Factory chair Rohan Silva.
Mr Silva, who advised the UK Prime Minister and led the development of a Tech City in East London, on Thursday joined critics of the landmark deal, lashing the bet on PsiQuantum as an unnecessary market intervention.
He said the investment is highly risky for taxpayers and would have delivered better innovation outcomes if it were pointed at startups and early stage companies through tax breaks for angel investors.
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