Treasury Tips AI as Key Driver of Productivity Growth

Treasury tips AI as key driver of productivity growth

Advice given to the federal treasurer suggests the real impact of artificial intelligence is too hard to predict but will be largely positive for Australia.

AI is set to boost productivity and will have a ‘profound’ impact on the jobs market: Treasury

Artificial intelligence (AI) should help Australia achieve its long term productivity target, while having “profound” effects on the labour market. These are among the conclusions of a detailed analysis of the economic implications of AI prepared by Treasury for Treasurer Jim Chalmers. As of March, Australia had 162 operational data centres. Another about 130 centres are proposed, taking Australia to nearly 300 operating or planned facilities. T…

Treasury estimates AI will boost productivity by just 1.2%, but also have a ‘profound’ impact on jobs, as well as interest rates

The Treasury analysis is generally positive, but also hedged with uncertainty about longer term implications of AI still in its early stages.