Robyn Denholm, chair of Elon Musk’s electric vehicle company Tesla, has been selected by the federal government to lead a review into Australia’s investment and output in research and development (R&D).
Since the announcement was made this morning, speculation has arisen regarding Denholm’s closeness to tech billionaire Elon Musk, who is set to be a key figure of the Trump administration when Donald Trump is admitted to office in January 2025.
On Monday morning, Minister for Science Ed Husic reaffirmed the Australian government’s position, speaking on ABC RN Breakfast, that Denholm was chosen for the impact she has had on R&D both in Australia and overseas, and he is “delighted” to have her lead the team.
“I think, if I may emphasise, Robyn’s involvement in a company that recognises, crucially, the value of R&D and improving the way to get things done and to be able to create an edge, and particularly if you look at what Tesla has done, be able to turn an idea into reality at a time where there are a lot of doubters over a long period of time,” Husic said.
When asked by Patricia Karvelas whether building a relationship with Musk was part of the thinking in choosing Denholm to head up the review, Minister Husic said the selection of personnel for the review has been in the works for quite some time – before the US election.
“The type of people that we’ve got involved (for the review), we’ve been thinking about for quite some time, and what they bring to the table,” he said.
Denholm has been with Tesla for a decade, starting as a director on the board since 2014, and beginning her tenure as chair of the company in 2018. In Australia, she worked for Telstra as the chief financial officer, head of strategy and chief operations officer between 2017-2019.
She is also the inaugural chair of the Technology Council of Australia, beginning her tenure in 2021, and an operating partner for the venture capital firm, Blackbird.
Denholm is also the founder of Australian venture capital company, Wollemi Capital Group. Last month, the National Basketball League joined Wollemi to finalise an agreement to acquire a majority interest in the Women’s National Basketball League (WNBL).
From April 2 next year, the consortium between Wollemi and the NBL will assume control of the WNBL, Australia’s oldest professional women’s sporting league. The agreement marks a significant moment for women’s basketball in the country.
More on the R&D review
Joining Denholm in the Australian government’s review into R&D investment is former chief scientist Ian Chubb, former Australian of the Year Fiona Wood, and CEO of LaunchVic Kate Cornick.
The review will help boost Australia’s scientific output, manufacturing self-sufficiency and productivity in the R&D space, the government said.
The call for the review comes as Australian R&D investment has dropped significantly in the last decade. Currently, R&D investment as a proportion of Australia’s GDP sits at 1.68 per cent, much lower than the OECD average of 2.73 per cent.
Minister Husic said the final report will be handed down by the end of 2025.
“Our ideas and intellectual property are an indicator of future economic success. This review is designed to give us an evidence-based pathway to stronger growth,” Minister Husic said.
“We said after the pandemic we would boost our manufacturing self-sufficiency. That is a big challenge, but Australian know-how can help us do things smarter and sharpening our edge against international competition.”