Andrew Leigh warns AI could widen the wealth gap
Households that already own more capital could get a larger share of AI gains, Leigh says.
Labor assistant minister Andrew Leigh warns that AI could widen the gap between rich and everyone else. The federal government is banking on AI to boost productivity, which means output per worker.
Studies showed that owners of productive technology will get a larger share of the gains. Leigh says those gains go disproportionately to households that already own more capital, meaning savings and investments.
He will speak online to a JPMorgan AI conference on Tuesday. There are also signs AI could help lower-skilled workers catch up with senior staff.
Universal super, the retirement savings system, means many workers have part of their savings in tech firms. AI will boost productivity, he says, but sharing the benefits fairly is the real challenge.
Why it mattersIf AI gains go disproportionately to people with savings and shares, wage earners could fall further behind.
AustraliaAustralian workers could miss out on AI gains, though super may give many a stake in tech firms.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
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