TLDR:
- Victorian government invested $37 million in US space tourism company World View
- Breakthrough Victoria fund questioned for lack of transparency and potential financial risks
The Victorian government has made its largest venture capital investment yet by investing $37 million in US space tourism company World View. Critics, including former chair of Mental Health Australia Matt Berriman, have raised concerns about the lack of transparency and financial risks associated with Breakthrough Victoria, the fund through which the investment was made. World View plans to establish its Indo-Pacific headquarters in Melbourne, create hundreds of jobs, and offer near-space tourist flights from the Great Barrier Reef. However, the company has faced legal battles and delays in obtaining regulatory approval for its space tourism ventures. Despite these challenges, World View has recruited Hollywood actor Adrian Grenier as its ‘chief Earth advocate’ and continues to sell tickets for future space flights. The Victorian government’s investment in World View has sparked debate about its financial priorities, with some economists calling for the fund to be wound up. S&P downgraded Victoria’s credit rating in 2020, raising concerns about the state’s financial stability. While the government defends its investment as a way to drive innovation and economic growth in priority sectors, critics warn of potential risks and question the wisdom of playing venture capitalist with taxpayer money.
