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.
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