Latest news with #RobynDenholm
The Age
3 days ago
- Business
- The Age
Trump's war on innovation is a golden opportunity for Australia, if we're smart enough to take it
Our productivity growth, the only reliable way to raise living standards, is sclerotic. We now rank 27 out of 31 OECD countries, with the UK and US achieving three times and eight times our growth rate respectively. And with the future of our resource exports growing cloudy, the 'lucky country' might be starting to run out of luck. Jump-starting Australian innovation would give us a chance to break out of this uninspiring position and provide a path to a more prosperous future. Frustratingly, we're on track to squander this opportunity. While competing destinations have launched ambitious programs like the Choose Europe for Science Initiative, backed by €500 million ($881 million), Australia has dragged its feet. A recent proposal to tax unrealised capital gains has spooked start-ups and their investors, and Labor's ongoing desire to cap foreign student numbers actively harms our chances. Loading To reverse course and win the war for global talent, we require a bold, coordinated, 'big push' strategy to ensure that Australia offers the most compelling alternative to the US as a place to discover scientific breakthroughs, develop technologies and build companies. Our big push strategy should target the four key types of individuals that define the best innovation ecosystems: world-class researchers; risk-taking entrepreneurs; high-skilled technical workers and promising young students. We can target each talent category with two types of policy levers. First, make it as easy as possible to choose Australia. For top talent and their families, getting an Australian visa should be a fast and seamless experience. Labor's National Innovation Visa is a good start but is too restrictive; it could be significantly expanded, for example by removing the 'invitation only' requirement and introducing a fast track for affected Harvard scholars. Supply-side housing action to address the ongoing crisis, such as zoning reform, is long overdue to make Australia welcoming to new migrants. Select new arrivals could merit limited financial support to smooth the transition, and for top professors who bring research affiliates in tow – think of the benefits we have seen from international researchers like Professor Michelle Simmons basing their careers in Australia – tailored incentive packages would provide excellent bang for the public buck. Second, invest in the success of Australian-based innovators. For scientists, that means aggressively reversing the decline in R&D funding that Robyn Denholm, chair of the ongoing National R&D Review, has called a 'national emergency'. Opportunities to fund 'shovel-ready' research projects cut by the US are plentiful. For entrepreneurs and high-skilled workers, selective support for companies in high-potential or strategic sectors such as public offtake agreements, can support the growth of new products and businesses. These policies can be targeted at places where Aussie innovators have already proved their strength. Hubs such as Melbourne's biotech district, Sydney's SaaS (Software as a Service) scene, or the Gold Coast's growing space industry provide natural focal points for new talent to coalesce and amplify. Labor's historic election victory has given them a rare licence to invest in a better, more exciting future. For Albanese and Chalmers, who have publicly committed to solve our productivity crisis, this opportunity to boost innovation in Australia couldn't have come at a better time. They should seize the chance to do so.
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
Trump's war on innovation is a golden opportunity for Australia, if we're smart enough to take it
Our productivity growth, the only reliable way to raise living standards, is sclerotic. We now rank 27 out of 31 OECD countries, with the UK and US achieving three times and eight times our growth rate respectively. And with the future of our resource exports growing cloudy, the 'lucky country' might be starting to run out of luck. Jump-starting Australian innovation would give us a chance to break out of this uninspiring position and provide a path to a more prosperous future. Frustratingly, we're on track to squander this opportunity. While competing destinations have launched ambitious programs like the Choose Europe for Science Initiative, backed by €500 million ($881 million), Australia has dragged its feet. A recent proposal to tax unrealised capital gains has spooked start-ups and their investors, and Labor's ongoing desire to cap foreign student numbers actively harms our chances. Loading To reverse course and win the war for global talent, we require a bold, coordinated, 'big push' strategy to ensure that Australia offers the most compelling alternative to the US as a place to discover scientific breakthroughs, develop technologies and build companies. Our big push strategy should target the four key types of individuals that define the best innovation ecosystems: world-class researchers; risk-taking entrepreneurs; high-skilled technical workers and promising young students. We can target each talent category with two types of policy levers. First, make it as easy as possible to choose Australia. For top talent and their families, getting an Australian visa should be a fast and seamless experience. Labor's National Innovation Visa is a good start but is too restrictive; it could be significantly expanded, for example by removing the 'invitation only' requirement and introducing a fast track for affected Harvard scholars. Supply-side housing action to address the ongoing crisis, such as zoning reform, is long overdue to make Australia welcoming to new migrants. Select new arrivals could merit limited financial support to smooth the transition, and for top professors who bring research affiliates in tow – think of the benefits we have seen from international researchers like Professor Michelle Simmons basing their careers in Australia – tailored incentive packages would provide excellent bang for the public buck. Second, invest in the success of Australian-based innovators. For scientists, that means aggressively reversing the decline in R&D funding that Robyn Denholm, chair of the ongoing National R&D Review, has called a 'national emergency'. Opportunities to fund 'shovel-ready' research projects cut by the US are plentiful. For entrepreneurs and high-skilled workers, selective support for companies in high-potential or strategic sectors such as public offtake agreements, can support the growth of new products and businesses. These policies can be targeted at places where Aussie innovators have already proved their strength. Hubs such as Melbourne's biotech district, Sydney's SaaS (Software as a Service) scene, or the Gold Coast's growing space industry provide natural focal points for new talent to coalesce and amplify. Labor's historic election victory has given them a rare licence to invest in a better, more exciting future. For Albanese and Chalmers, who have publicly committed to solve our productivity crisis, this opportunity to boost innovation in Australia couldn't have come at a better time. They should seize the chance to do so.
Straits Times
7 days ago
- Automotive
- Straits Times
Tesla's board chairman sold her stocks and earned $254 million recently
The chair of Tesla's board, Ms Robyn Denholm has made US$198 million (S$254 million) since mid-November selling Tesla stock that she earned for serving on the board. PHOTO: REUTERS In March, after a steep decline in Tesla's share price, Mr Elon Musk told employees: 'Hang on to your stock.' The chair of Tesla's board, Ms Robyn Denholm, has not heeded his advice. She has made US$198 million (S$254 million) since mid-November selling Tesla stock that she earned for serving on the board. Join ST's Telegram channel and get the latest breaking news delivered to you.
AU Financial Review
28-05-2025
- Business
- AU Financial Review
Investors demand Musk work a 40-hour week at Tesla
New York | London | A group of large pension funds has demanded that Elon Musk commit to work at least 40 hours a week at Tesla, calling for corporate governance reforms to address a 'crisis' at the carmaker. The letter sent to Tesla chair Robyn Denholm on Wednesday (Thursday AEST) was signed by 12 long-term institutional investors including the New York City Comptroller, the American Federation of Teachers, as well as European funds such as Denmark's AkademikerPension. Together they manage about $US950 billion ($1.5 billion) in assets. Financial Times
Auto Blog
26-05-2025
- Automotive
- Auto Blog
Tesla Board Denies Report Regarding Elon Musk's Fate
Musk isn't leaving any time soon, says Board Chair A key executive at Tesla has hit back on social media in response to a scathing Wall Street Journal report that alleged the worst fate for its CEO, Elon Musk, calling the report published late on April 30 'absolutely false.' In the report, 'people familiar with the discussions' told the Journal that Tesla's board of directors initiated a search for a successor for Elon Musk as CEO as recently as 'about a month ago.' The same sources also stated that the company reached out to 'several' executive search firms and even narrowed down to one firm to lead the search. In a post on X (formerly known as Twitter), Tesla Board Chairman Robyn Denholm wrote using Tesla's account to reiterate that 'The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead,' adding that the boards is 'highly confident' in Musk's ability to lead Tesla and that their denial of a CEO search 'was communicated to the media before the report was published.' In addition, in a post from his personal X account, Musk himself accused the paper of an 'EXTREMELY BAD BREACH OF ETHICS,' and also called the report a 'DELIBERATELY FALSE ARTICLE' that failed to 'include an unequivocal denial beforehand by the Tesla board of directors!' President Trump Speaks Alongside Tesla Vehicles At The White House — Source: Getty Images WSJ: Board asked Musk to spend more time at Tesla According to the Wall Street Journal report, the plans to potentially replace Elon Musk as CEO came as his time with the Department of Government Efficiency (a.k.a. DOGE) and the greater Trump Administration had become material. They noted that since the election, most of his time was spent in D.C., while weekends were spent at Trump's Mar-a-Lago residence in Florida. Sources who spoke with the Journal noted that Tesla's board began the supposed replacement process around the same time it reportedly told Musk that he needed to spend more time on Tesla and less on Beltway happenings, and 'needed to say so publicly.' Nonetheless, during Tesla's Q1 2025 earnings call last week, Musk promised that he'd be 'allocating far more' of his time to Tesla beginning in May, adding that 'the major work of establishing the Department of Government Efficiency is done.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Wall Street remains confident about Tesla Despite Tesla's top executives refuting the details of the Journal's report, Wall Street analysts point out that this is an example of how Musk and Tesla are virtually inseparable. In a note to investors published shortly after the WSJ report on April 30, UBS analysts led by Joseph Spak noted that the report showed how 'perhaps no other company has as large a key man risk,' adding that 'finding a CEO who can captivate the market and investors as much as Musk is a tall task.' A Tesla Cybertruck and Model Y Juniper — Source: Getty Images In addition, Tesla Bull and Wedbush Securities analyst Daniel Ives wrote in a note to investors that while the WSJ report painted a 'very tense situation' between Musk and the Tesla board, he and other Wedbush analysts 'believe Musk will remain CEO for at least five years at Tesla.' During an appearance on Bloomberg Surveillance on May 1, Ives denoted that Musk's 'days at the White House are done' and that 'Musk is Tesla and Tesla is Musk.' Final thoughts I feel that Tesla should be motivated to make miracles and focus on cars now that it is under the most powerful microscope, especially in the wake of this WSJ report. It needs to deliver, whether it be the robotaxis or the lower-cost cars. It's also been eight years since Tesla revealed the second-generation Roadster. At this moment, other established manufacturers are catching up to Tesla's coattails, and if Musk and other Tesla executives aren't careful, it won't be long before Tesla is no longer the sales leader.
