Big business wants AI to do ‘boring but essential’ | Australian Markets

Big business wants artificial intelligence to deal with more “boring but essential” jobs as half of a race to set up Australia as a international chief within the technology and keep away from many years of taking part in catch-up.

AI is a important alternative to increase dwelling requirements and the nation’s “next big lever for economic growth” in accordance to Business Council of Australia chief govt Bran Black.

“If we get this right, AI can deliver a significant productivity boost and that means higher real wages and more opportunities for more Australians.

“The selections we make now will decide whether or not we gain a aggressive edge or fall behind.”

The council on Monday released a report aiming to accelerate Australia’s AI agenda, with a plan to boost innovation and address stagnating productivity.

It recommends “clear, sensible and risk-based” regulations be developed, as well as the establishment of new research centres and partnerships and a simplified approval process for data centres to speed infrastructure development.

Specialist training for data scientists and engineers needs expanding and workers need education for how to use the technology to improve “the day-to-day work expertise”, with courses a part of primary, secondary and tertiary curricula.

“Even if we apply AI to simply the ‘boring but important’ components of our financial system – like payroll processing or doc evaluation – the dividends to customers and companies could possibly be important,” Mr Black said.

It could free people up to do more creative and collaborative work that machines can’t.

The change will be disruptive and a challenge for many, requiring safeguards such as the council’s recommended safety institute to focus on technical guardrails.

But it’s hoped Australia could become a hub for artificial intelligence, leveraging a highly-educated workforce, a stable democracy and the potential of abundant renewable energy in the future, along with its research institutions and international intelligence sharing deals.

The council wants the focus to be on opportunity, rather than a “fear-first” mindset, but acknowledges the power that makes AI so promising also raises legitimate questions about its responsible and safe use.

It’s up to industry and the government to strengthen public trust in AI technology, the report says.

“We consider AI can increase human capabilities, create new sorts of jobs, and make present ones more rewarding and fewer burdensome.”

“But attaining this optimistic future requires deliberate selections and concerted motion,” the report notes.