MEDIA RELEASE - LABOR MUST APPLY THE NATIONAL INTEREST FRAMEWORK RETROSPECTIVELY TO ITS $1 BILLION PSIQUANTUM DEAL

PAUL FLETCHER MP 

Shadow Minister for Government Services and the Digital Economy 

Shadow Minister for Science and the Arts 

Manager of Opposition Business in the House

MEDIA RELEASE

Wednesday 18 September 2024

The National Interest Framework should be applied retrospectively to the Albanese Labor Government’s almost $1 billion PsiQuantum deal, with mounting evidence the investment failed to meet the normal standards of probity, fairness and transparency.

When asked on ABC 7.30 last night about the framework and applying it retrospectively to Labor’s signature Future Made in Australia projects including quantum computing, Productivity Commission Chair Danielle Wood said: 

“We think that all the spending under that program including those pieces should go through the sectoral plans and the National Interest Framework.”

Former Productivity Commission Chair Gary Banks has previously stated that he thinks the investment would not satisfy the national interest criteria.

Shadow Minister for Science Paul Fletcher said further scrutiny is required to determine whether taxpayers are getting value for money.

“The Opposition has been scrutinising this investment from the beginning and has unearthed a growing body of evidence pointing to a captain’s pick by Labor and an unfair reverse engineered process designed to benefit an American company over Australian based quantum companies,” Mr Fletcher said.

“Labor has consistently failed to give clear and comprehensive answers to the many serious questions raised by this most unorthodox and irregular decision.

“Ed Husic says he welcomes more scrutiny, and he can honour his word by applying the National Interest Framework to the PsiQuantum deal.”