Tesla chairwoman Robyn Denholm warns that businesses must dramatically increase the amount of money they spend inventing new products and ideas, arguing a further $25.4 billion a year is needed to bring Australia in line with its global peers.

Ms Denholm, who was tapped by the Albanese government to lead a landmark review into Australia’s R&D policies, said the 13-year decline in R&D investment and broader indifference to risk-taking and innovation had created a “national emergency”.