How generative AI could Supercharge the Economy

Australia is poised to embrace transformative generative AI technologies, promising significant productivity gains. However, awareness, clear regulations, and a skilled workforce are vital for safe adoption. Amid potential job shifts, education systems must also evolve, fostering both tech proficiency and essential human skills to responsibly harness AI's potential.


Craig McHugh

1 min read

In this video Kate Pounder. CEO, Technology Council of Australia Linked In
Talk about Generative AI and future insights

This video in summary

  • Kate proposes the use of generative AI technologies across businesses in Australia. This would require investment in workforce skills and suitable regulatory and governance frameworks to ensure safe and responsible adoption.

  • Generative AI is a potential 'superpower' for productivity boost in all industries. However, there are barriers such as awareness, skill level, regulatory clarity, and investment incentives.

  • Kate suggests a risk-based approach to regulation, with higher risk technologies like facial recognition needing more caution. Lower risk applications, such as Generative AI for simpler tasks, could be introduced slowly into the workforce for basic tasks likes email and letter writing.

  • The economic gains and productivity benefits from generative AI are calculated considering potential job losses, with the conclusion that it does not replace jobs, but alters tasks within jobs. Over 85% of jobs would see less than a third of tasks change.

  • The speaker emphasizes that Generative AI can help perform routine tasks more efficiently, freeing up time for higher-value activities, and potentially giving a much-needed productivity boost to Australia's economy.

  • Australian businesses, are well positioned to adopt generative AI, given their past adoption of business software. However, there's also hesitation due to safety concerns around AI.

  • The best way forward is to find potential uses of AI, differentiate between high and low-risk applications, and establish proper regulatory and governance frameworks.

  • The need for schools and universities to adapt their education system to better prepare future workers for an AI-integrated work environment. Core human skills such as critical thinking and creative problem-solving would become even more important.