AI could help shape a ‘prosperous future for our nation’

Generative AI (GAI), such as ChatGPT, could contribute billions of dollars to the Australian economy if utilised correctly.

If Australia adopts this technology at a fast pace, the Tech Council of Australia said that $115 billion could be added to the economy by 2030.

“In this time of high inflation and low productivity growth, our economy needs a productivity shot in the arm,” said Kate Pounder, chief executive of the Tech Council.

“Emerging technologies like generative AI are going to be a big part of the solution. The report shows the enormous potential for generative AI to catalyse growth and innovation across a wide range of sectors, shaping a prosperous future for our nation.”

For this kind of adoption to be set into motion, industries will need to work together with the government, said Ms Pounder.

“Making the most of this opportunity will require a collaborative effort across government and industry, particularly to upskill our workforce, provide regulatory clarity and drive uptake of responsible AI practices,” she said.

Even at a slow pace of adoption, GAI is estimated to add $45 billion to the Aussie economy and $75 billion at a medium pace. According to the Tech Council, these figures could equate from 2 to 5 per cent of the Australian economy.

The majority of these gains would be found through increased productivity with the automation of tasks. The Tech Council said GAI has the potential to automate 44 per cent of Australia’s work tasks, enabling workers to focus on more important things that require the human touch.

Adding to the economic boost would be the jobs created through this tech, adding an estimated $5 billion to $10 billion.

Ms Pounder noted that this opportunity must be seized if we’re to experience any substantial gains: “However, Australia must ensure swift and responsible adoption of generative AI to fully capture the depth and breadth of this opportunity.”

The Tech Council said the top four industries expected to benefit from GAI are healthcare, retail, manufacturing, and professional and financial services.

Lee Hickin, chief technology officer at Microsoft Australia and New Zealand, said trust must be built between Australia and this tech: “Generative AI has emerged as a transformational technology in 2023, with its adoption growing rapidly across various sectors in Australia.”

“Building trust in this technology is critical to harnessing its innovative capabilities and enabling Australia to become a global leader in this space.”