AI could add $116 billion to Australia's economy by 2036, business leaders tell
Australian banks told parliament that AI could add up to $116 billion to GDP by 2036.
Top executives from Westpac, NAB and ANZ appeared before a parliamentary inquiry into artificial intelligence this week. The executives argued the technology offers Australia a rare economic opportunity.
Simon Birmingham heads the Australian Banking Association and is a former finance minister. Birmingham cited independent modelling showing AI could add up to $116 billion to GDP by 2036.
Banks are already using AI in several ways. Banks check payments in real time and answer customer questions at 2am.
Banks also spot money heading to criminals before it leaves an account. The Business Council of Australia urged the government to invest in AI skills and infrastructure.
The Council of Small Business Organisations made the same call. Unions raised concerns about worker surveillance through wearables.
Unions also worried that AI systems could decide tasks for staff. Unions compared this to a digital ankle monitor.
- $116 billion
- Potential GDP contribution by 2036
- In real time
- Banks already checking payments
- Westpac, NAB, ANZ
- Inquiry participants
Why it mattersHow Australia adopts AI in the next few years will shape its future. The country could gain hundreds of billions in extra wealth and jobs, or it could fall behind other nations.
AustraliaIf Australia gets AI adoption right, workers could see new job opportunities and stronger wage growth from the economic boost. If investment lags, Australian workers and businesses risk losing competitive ground to countries moving faster.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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