Husic highlighted that this review is the first significant assessment in 17 years, intended to shape Australia's future and promote sustainable growth.

By fostering innovation, the review could improve Australia's global competitiveness and enhance its standing on various economic indices.

The initiative seeks to strengthen the connections between research organizations and businesses, steering Australia towards a more dynamic economic future.

The review will assess existing investments in R&D and is expected to produce a report by the end of 2025.

Husic noted that Australia's intellectual property and ideas are key indicators of future economic success, and the review aims to provide a pathway to stronger growth post-pandemic.

Robyn Denholm, chair of Tesla, has been appointed to lead a comprehensive review of Australia's research and development (R&D) performance, marking a significant step towards enhancing the country's innovation landscape.

Australian Science Minister Ed Husic emphasized the necessity of this review, noting that it has been nearly 20 years since the last assessment of R&D performance, which has seen a concerning decline over the past decade.

The year-long review aims to enhance Australia's scientific output and manufacturing self-sufficiency, aligning with the nation's goal of transitioning to a knowledge-based economy.

Denholm's leadership is bolstered by her extensive experience, having held significant positions at Juniper Networks and Telstra, and being recognized as one of the most powerful women in the world.

During her appointment announcement, Denholm was questioned about her relationship with Elon Musk, but she emphasized her focus on the R&D review rather than any potential impact on government relations.

Australia's low ranking on Harvard University's economic complexity index has prompted initiatives to position the country as a hub for technology and innovation.

Despite being one of the world's wealthiest nations, Australia has struggled with economic diversification and relies heavily on its resource industries.