The $115 billion a year boost to Australia at the touch of a button
Artificial intelligence could provide a $115 billion annual boost to the economy within five years, lifting the quality of goods and services while generating more jobs, the first examination of the technology's impact on Australia has revealed.
Compiled by OpenAI, the organisation behind ChatGPT, it argues the nation's economic success will depend on the uptake of AI with its chief economist likening the technology to the advent of electricity.
The Albanese government is holding a three-day productivity roundtable in early August with business groups, unions and community organisations to map out ways to lift the pace at which the economy can grow while boosting living standards.
Labour productivity – the amount produced by the number of staff or hours worked – has effectively flatlined in Australia over the past five years, although the IT sector has outperformed almost every other part of the economy.
While AI is promising massive productivity gains, companies involved in its development – including OpenAI – have come under fire on a range of issues, including massive job losses, copyright infringement from information producers such as newspapers, and theft of intellectual property.
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According to OpenAI, the ability of Australia to lift living standards, increase wages and expand growth opportunities will be tied to AI.
It estimates AI adoption would produce $115 billion annually in economic benefits to Australia by 2030, or almost $4000 a person, with 70 per cent of that flowing directly from higher productivity. Its broad findings mirror previous research on the possible gains from AI.
Another $4 billion would flow from new jobs, $6 billion from new businesses and $25 billion from improved quality of goods and services.
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