Artificial Intelligence
Artificial intelligence is poised to reshape Australia's economy, with analysts forecasting it could add up to $315 billion to GDP by 2030, yet business leaders warn the country is not moving fast enough to build the skills and infrastructure required to capture the opportunity.
A recent CSIRO report highlighted AI as a "once-in-a-generation driver of productivity," with potential applications spanning healthcare, finance, agriculture, defence, and logistics. But while demand is soaring, supply of skilled talent and regulatory clarity is lagging.
"A Defining Technology of Our Era"
"Artificial intelligence will be as central to Australia's future prosperity as mining was to the last boom," says Dr Larry Marshall, former CSIRO chief executive. "The real question is whether we become adopters or leaders."
From personalised medicine in hospitals to autonomous haul trucks in the Pilbara, AI is already shifting how industries operate. Banks are investing heavily in AI for fraud detection and compliance automation, while agribusinesses are deploying drone-based crop monitoring to manage yield and water use.
But the challenge, says Tanvir A. Mishuk, fintech entrepreneur and founder of Go Fintech, is one of execution. "The technology is proven. What Australia needs is a bigger pipeline of AI talent and faster commercialisation pathways. If we don't act now, we risk falling behind regional competitors."
Skills Shortage the Bottleneck
According to the Tech Council of Australia, the nation will need 650,000 additional technology workers by 2030, with AI and machine learning specialists among the most in-demand roles.
Universities are expanding AI programs, but business leaders warn that graduates alone won't fill the shortfall. "The global fight for AI talent is fierce," says Kate Pounder, CEO of the Tech Council. "Australia will need to rely on both skilled migration and upskilling existing workers if we are to keep pace."
The federal government has flagged AI as a priority sector under the Global Talent Visa and Temporary Skill Shortage (482) program. But migration agents note bottlenecks in processing and calls for a streamlined pathway for highly skilled AI professionals.
Regulation and Trust
While enthusiasm is high, so too are concerns about trust and ethics. In 2023, the government released a consultation paper on AI regulation, signalling its intent to ensure algorithms are "safe, reliable, and free from harmful bias."
Professor Genevieve Bell, director of the School of Cybernetics at ANU, says Australia has an opportunity to lead with a "trust-first" approach. "AI isn't just about efficiency and profit. It's about designing systems that reflect Australian values - fairness, transparency, and accountability."
Investment Needed
Despite positive momentum, Australia still lags its peers on AI investment. OECD data shows that Australia invests around 0.9% of GDP in R&D, compared to 2-4% in leading economies.
"Capital is there, but risk appetite is limited," says Andrew Charlton MP, chair of the Parliamentary Committee on Jobs and Skills. "We need to bridge the valley of death between research and commercial application."
Private investment is growing, particularly in fintech and health tech, but many startups face hurdles scaling beyond pilot projects. "Too many good ideas stall because the ecosystem isn't yet mature," says Sadaf Roksana, AI solutions executive in Sydney.
The Road Ahead
The consensus among industry voices is clear: AI is both an opportunity and a test. With the right blend of skilled migration, domestic training, infrastructure investment, and smart regulation, Australia could position itself as a trusted AI hub in the Asia-Pacific.
"The question is not if AI will transform Australia," says Mishuk. "It's whether we're bold enough to embrace it on our own terms."
Author:
This article is written by Shobnom Zarin Chetona.
Corporate Communications Manager
App AI Pty Ltd. (www.appai.com.au)
