AI could be the solution for Australia's productivity problem
Artificial intelligence (AI) could be the solution to Australia's productivity problem, according to a recent report from ABC News. Investment in AI technologies by companies in the country has helped save thousands of working hours, with many looking to adopt AI in the next six to 12 months. However, there are concerns about the impact of AI on jobs, with research by Statista suggesting it could lead to the loss of 83 million jobs worldwide. While Australia's rate of AI adoption is below the global average, businesses are increasingly looking to the technology for productivity gains rather than reducing headcount. According to Goldman Sachs, AI could improve the world's GDP by 7% over the next decade.
The Mandala firm has modelled the top jobs that are likely to be impacted by AI in Australia, revealing that lawyers, judges, consultants, psychologists, counsellors and telemarketers are among the top ten occupations most affected. While white-collar jobs are expected to be most affected, some jobs will remain unaffected, such as those that require a more generalised understanding of the world, or jobs that involve a lot of interaction between people.
The impact of AI on jobs is not all negative, however. A recent survey by Microsoft revealed that 65% of workers would willingly give AI some of their more menial tasks. Teachers, for instance, could benefit significantly from AI, which could become an individualised tutor for every student, catering to their specific learning needs.
While AI could lead to job losses, it could also lead to the creation of new jobs that don't yet exist. AI is expected to be a game-changer and a major impact on the workforce, but most employers are not looking to reduce headcount. Instead, they are focused on using AI for productivity gains. Australia's rate of productivity has fallen by 3.5% in the last 12 months, resulting in a rise in unit labour costs with a direct impact on the country's economic wellbeing. The adoption of AI could lead to a significant improvement in productivity and help Australia remain competitive in the global marketplace.
