The national auditor has cleared a multi-million dollar blowout on legal advice for the federal government’s investment in Californian quantum startup PsiQuantum, concluding that the key due diligence contract was within its bounds.
The Australian National Audit Office (ANAO) reviewed the contract with law firm King & Wood Mallesons (KWM) as part of its annual financial audit program after it was referred by the Opposition last year, but found no irregularities during its searches.
The contract – the largest of the due diligence contracts related to the PsiQuantum investment – was signed in August 2023, coinciding with the government’s secretive Expressions of Interest process with other hopefuls.
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