We can all be grateful that the Acting Auditor-General Rona Mellor has decided to take at least a sideways glance into Commonwealth speculation, alongside a similar bet by the probably outgoing Queensland government, in an American horse in the great quantum computing race.

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I know nothing to say that there is anything intrinsically dodgy about the "investment," and it is probably by now a fait accompli. But there are ample warning signs that a lot of bad government thinking is involved, and every prospect that Anthony Albanese's foolish "picking winners" strategy will produce any number of similar fresh "initiatives" as we approach the next election.

Ms Mellor has not, strictly, committed herself to much. The opposition science spokesman Paul Fletcher asked her to look at the federal government's $470 million investment in an American company researching quantum computing, as part of its jobs in Australia program. She replied on Monday that she had decided to add a potential audit of the federal government's use of investment vehicles to her office's work plan for the year. This audit, if commenced, may include the Australian government's investment in PsiQuantum.

Not much of a commitment, but I suspect that she will find it impossible to resist, especially given there may be up to 10 more such projects on the way. Each has the potential to go wrong, and setting some standards now may prevent much waste, and even more gnashing of teeth in the future.

PsiQuantum, presently based in Silicon Valley, is engaged, with many other research organisations, in the race to design and develop the first quantum computer. It is still, pretty much, virgin territory.

Whichever research operation is first to develop working quantum systems will make trillions, and the treasure hunt now involves scores of high-power research units, as well as the brains of some of the best nuclear and computer scientists, and physics experts all over the world.

I bet we will have nuclear submarines delivered before a result in the Quantum race. Not soon, possibly not ever, in short.

PsiQuantum is already well-regarded among its peers for some breakthroughs in a potential path to the treasure.

But there are lots of potential paths. Others in the race are following different paths, and no one knows who will win.

As likely as not we will not know before the first American nuclear-powered sub misses its delivery deadline. And even then, there may well be decades of further development before the first workable models are in the marketplace.

I wish PsiQuantum well, especially because it has some of our taxpayers' money riding on it. But it is a roughie, and nothing that the Australian (or the Queensland government) can do is likely to make any difference about its chances of winning. What these governments can do however is to provide an Australian base for some of the research, and smoothed pathways into Australian scientific research establishments and universities for research focused on the path PsiQuantum is following. This will get them involved in cutting edge research, and in a position to develop from, so that Australia, and our institutions are very much partners in the enterprise.

I bet we will have nuclear submarines delivered before a result in the quantum race. Not soon, possibly not ever, in short.

That may be so even if the PsiQuantum path proves not to be the ultimate winner of the big race, which may be after the entire modern research generation has died. Or never, because there is no guarantee that anyone will win: the theory of it all may simply be beyond the present us.

If the bet pays off, Australia may have a front-row position in further developing and exploiting the technology. This may........

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