Tesla (TSLA, Financial) Chair Robyn Denholm has been appointed to head an extensive integrated review of Australia's R&D performance on behalf of the Australian government. The program stimulates economics by improving relations between research organizations and business circles. Denholm, along with three other panelists drawn from academia and industry, will define solutions for reversing the decline in R&D investment and building a resilient innovation system.

Australian dependence on the resources sector has ensured that the economy is stable but has limited diversification. The Minister for Industry and Science, Ed Husic, underlined that this has been the first major test in 17 years to shape the country's future development and build a clear vision of sustainable growth.

It affirms Denholm's pedigree, having held managerial positions in Juniper Networks, Telstra, and Tesla. Australia is low on Harvard University's economic complexity index, and this move fits into many other strategies to brand Australia as suitable for technology and cutting-edge industries.

In an interview, Denholm avoided discussing the company's interaction with Tesla's CEO, Elon Musk, who has negatively criticized Australia's technology policies. However, she reaffirmed her support for the R&D initiative, which aims to brand Australia as an innovation powerhouse while overcoming Australia's technology deficit.

This review also aligns with Australia's goal to grow systems of the green economy by using resource endowment for improvements in battery technology and other value-added industries.

This article first appeared on GuruFocus.