Is AI passing us by?
From newsrooms to banks, AI is reshaping industries globally, and Australia has the chance to ride this wave of innovation. Generative AI alone could contribute up to $115 billion annually to the Australian economy by 2030, according to research from CSIRO. But are we ready to seize this opportunity, or are we at risk of letting it pass us by?
The Tech Council’s caution
AI offers enormous potential to transform how we work and live, from boosting productivity to enabling cutting edge new services. The Tech Council (like many others) identified AI as the defining tech trend of last year but unlocking its benefits will require creating the right conditions—clear regulations, targeted investment, and a cohesive national plan to build Australia’s AI capabilities.
In line with the Tech Council’s caution, the Business Council of Australia (BCA) has highlighted some of the obstacles standing in the way. For example, business investment is at its lowest in nearly 30 years, and it’s no secret that economic growth has been sluggish, with GDP per capita falling in consecutive quarters. The BCA attributes this to excessive red tape and uncertainty around AI policies, making it harder for businesses to innovate and thrive. It’s a stark reminder: if we don’t act quickly, we risk falling behind global competitors.
Reasons for optimism
However, there are reasons for optimism. Australia boasts great local talent, a collaborative culture, and an appetite for technology adoption. According to CSIRO, 68% of Australian businesses have already integrated some form of AI into their operations. This foundation is promising, but scaling adoption while ensuring safety and trust remains a challenge.
Cybersecurity is a crucial area of focus. With recent data breaches fresh in our minds, building resilience and protecting sensitive information are more important than ever. At the same time, regulations must strike a delicate balance: they need to safeguard consumers and businesses without stifling innovation or creating unnecessary barriers.
The way forward
We don’t need to reinvent the wheel. But by learning from global best practices and building on our strengths, Australia can unlock AI’s full potential.
It should be obvious by now that AI isn’t just a passing trend. It’s a transformative force with the power to secure Australia’s economic future. With strategic planning, collaboration, and decisive action, Australia can move from playing catch up to leading the AI revolution. The potential is enormous—let’s ensure we don’t let it slip away.
What are your thoughts?
Do you think Australia is doing enough to capitalise on the opportunity afforded by AI, or as a country do we risk being left behind?