Is it time for Australia to fasten its seat belt before it misses the boat on Artificial Intelligence?

Team Veye | 30-Jul-2018 boat on Artificial Intelligence

Artificial Intelligence (AI) is already changing the global Economy, the question is whether Australia will participate in the resulting opportunities. Technologist state that AI has the potential to increase productivity by ~ 40 per cent, and is projected to contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined. The impact on productivity will be competitively trans-formative and businesses that fail to adapt and adopt will quickly find themselves non competitive. 


AI give workers, companies and government a global competitive advantage in being able to adapt to a world powered by Artificial Intelligence. It will help government agencies to transform and become globally-leading in the adoption of machine learning to improve the efficiency and effectiveness of public services.


The number of jobs in the merging industry around artificial intelligence (AI), including work on self-driving cars and smart digital assistants, is growing in Australia and so is interest from job seekers. Analysis by global job site Indeed shows fast paced increase in the number of AI-related jobs over the last 1.5 year with that growth matched by increasing job seeker interest. Analysis says the number of AI-related job posts has doubled since 2015 and, at the same time, search activity by job seekers has tripled.


An Artificial Intelligence capability for the Australian economy is essential to leverage current investments and Australia’s high quality of life, to create an AI-enabled economy – an attractive ecosystem of high-tech businesses, and highly productive workers. Currently, Australian companies lag behind leading global peers in embracing AI-based automation. Only 9 per cent of Australia’s listed companies are making sustained investments in AI, compared with more than 20 per cent in the United States and nearly 14% in leading automation nations globally. 80% of Australian small and medium businesses are delaying the adoption of technology that could deliver long-term benefits. And, those Australian companies that have invested in AI are already reaping the benefits of starting early and their stock prices have witnessed exceptional growth.  


Low investment in AI-based automation technology limits Australia’s productivity growth and will ultimately reduce the national income. If Australia accelerated AI uptake, it could gain up to another $1 trillion over the next 15 years. 


The USA, Canada and UK have already adopted a national strategy to fast-track the development of an AI-enabled economy. China has launched a major new strategy to become the global leader in artificial intelligence. If Australia has to transform into a fast-growing, prosperous economy and keep pace with the technology-advancement that other countries have committed to, it must be inventive and fast track the adoption of Artificial Intelligence.

Disclaimer

Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.

veye logo

Grab Your Free Report On 5 ASX Dividend Stocks To Buy In 2024

(+61)

SALE IS LIVE

Limited Time Deal:   Over 72% OFF

DIVIDEND
INVESTER REPORT

Dividend-Investor-Report

Each week we cover companies offering a good combination of growth & dividends, maintaining a balance between stable 'cash flow' and risker 'raising stars'. Our guidance helps you choose companies with regular dividends and opportunities for lower-risk capital growth.

  • The best High Yield Dividend Stocks picked by our team of analysts every week.
  • Detailed in-depth Analysis with our expert Recommendations Buy, Hold or Sell.
  • Free Daily Analysis Report to keep up with the latest on what's hot and what's not.
  • Gain instant access to a wide range of Dividend Share Reports, exclusive to members only.
Frequency: Every Tuesday