Tech industry concerns put aside as Critical Infrastructure Bill enters Parliament

Here’s a significant problem for smaller countries (I count the UK and Israel in this) in that startups need foreign investment and access to foreign markets in order to be viable investment vehicles. Australia could be setting its tech sector back a few decades…:

New Bill introduces a positive security obligation, cybersecurity requirements such as mandatory incident reporting and vulnerability testing, and government ‘last resort’ powers to step in and defend.

[…]

While the Bill aims to protect Australia, the country’s quantum technology sector, as well as the federal opposition, flagged it was worried about the problems the Bill could create for the nascent industry, mostly around investment opportunities.

Q-CTRL, Australia’s first venture capital-backed quantum technology company, previously said the broad definitions of “national security businesses” in the legislation encompass “effectively all emerging quantum technology companies and place our sector at a tremendous disadvantage relative to competitors formed in regions with larger and more mature investor bases including the US and EU”.

“Simply put, Australian venture capital is insufficiently mature to support growth in our industry at this stage, meaning that fully realising the potential of quantum technology in Australia necessitates the involvement of foreign investors,” Q-CTRL CEO, founder, and professor Michael Biercuk said.

Original Article