AI potential to boost Australian economy by $200 billion yearly

A recent study by leading Australian professors predicts a $200 billion per annum boost to the Australian economy till 2030 if key sectors fully integrate artificial intelligence (AI). This adoption of AI is also expected to create 150,000 jobs. The Kingston AI Group commissioned the report, which involved AI experts from renowned universities like ANU, University of Technology Sydney, The University of Melbourne, and The University of Adelaide. 

Author John Mangan, an emeritus professor at The University of Queensland, stressed that the $200 billion figure is a conservative estimate that does not consider the significant costs related to AI adoption nor the ripple effects across the economy when sectors like finance, healthcare, education, and government leverage AI fully.

The report identified a drawback: Australian sectors are not embracing AI with the urgency shown by early adopters like China, the US, and Canada, placing Australia at a disadvantage. 

Professor Anton Van Den Hengel, former director of applied science at Amazon and director of The University of Adelaide’s Centre for Augmented Reasoning, warned Australia could miss out on potential GDP growth from AI due to political focus on AI safety rather than investment in AI capability.

- CyberBeat