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Chief scientist Cathy Foley says Australia must hone its focus to avoid missing out on a huge opportunity to be a world leader in quantum computing, by lifting collaboration between universities, government, start-ups and investors.
Speaking to a VC forum hosted by the Australian Investment Council in Sydney last week, Dr Foley said Australia remained well placed to benefit from the arrival of quantum, given the depth of local research in hardware and software.
Chief scientist Cathy Foley at the National Press Club in March. Quantum computing can be a $4 billion industry for Australia by 2040.
Dominic Lorrimer
However, she warned that expertise spread over multiple institutions and specialisms needed to be better co-ordinated, to ensure maximum impact.
NSW will need to administer another 9 million COVID-19 vaccine doses to consider reopening international borders, Premier Gladys Berejiklian says, as the state’s mass vaccination centre starts inoculating people in their 40s.
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Future governments face a âhell of a challengeâ to repair the nationâs finances and will eventually need to return to âguard railsâ that target a balanced budget, former federal Treasury boss Ken Henry says.
Following almost $300 billion in fiscal stimulus in response to COVID-19 and more big permanent spending in last weekâs federal budget, Dr Henry said the traditional medium-term goal of balancing the budget over the economic cycle had been âsuspendedâ.
Ken Henry says the budget rules have been suspended, but must ultimately return when the economy recovers.Â
Louie Douvis
âI think the times demand something different â the medium-term fiscal framework is not appropriate in the present circumstances,â he said at an Institute of Public Administration Australia event in Canberra on Monday.
The Labor-aligned McKell Institute think tank calculated that a worker who withdrew the full $20,000 would have missed out on $3,644 worth of investment growth.
Early super withdrawals cost $4.7 billion in lost returns
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The 3 million Australians who withdrew superannuation as part of the governmentâs early access scheme have already lost $4.7 billion in investment returns, a report from the left-leaning McKell Institute says.
The $36.4 billion withdrawn through the âEarly access to your superâ scheme would now be worth $41.1 billion if it had continued to be invested in superannuation, estimates a report released by the institute on Monday.
The policy led people to withdraw superannuation at the bottom of the market, meaning participants have missed out on the subsequent economic recovery, which has resulted in super fund indices increasing by 15 per cent - 20 per cent, the report said.