Govt racks up $7m bill for external advice on PsiQuantum

Joseph Brookes
Senior Reporter

The federal government has spent almost $7 million on external advice related to its controversial investment in Californian startup PsiQuantum, bringing in legal firms, probity advisers and management consultants for due diligence on the US firm, before testing the market for local alternatives.

The Queensland government also contracted out its advice and economic analysis supporting the deal from as early as July 2022 but has declined to provide details on either.

The costs, revealed for the first time by, are in addition to the governments’ $940 million investment in the company and the $28 million set aside for federal agencies to manage the deal.

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