GAI might boost Australia's economy by between $45 billion to $115 billion annually by 2030

If Australia accelerates the responsible deployment of generative artificial intelligence, according to a new analysis, it will be able to unlock tens of billions of dollars in economic value by 2030. (GAI). Microsoft and the Tech Council of Australia joined together to produce the report, titled Australia's Generative AI Potential. It demonstrates that GAI might, by 2030, improve Australia's present sectors and facilitate the development of new goods and services, contributing up to $115 billion annually to the country's economy.

Depending on how quickly GAI is implemented across all industries and how successfully people are assisted in switching to other jobs, a portion of this potential value may or may not be realized. The analysis, according to Kate Pounder, CEO of the ICT Council, shows how widely applicable GAI is to the Australian economy. Our economy needs a boost in productivity at this time of high inflation and slow productivity growth, according to Ms. Pounder.

New technologies, such as generative AI, will play a significant role in the solution. The study shows how generative AI has the immense potential to spur development and innovation in a variety of industries, establishing a bright future for our nation. 

In the delayed adoption scenario, according to the analysis, GAI might by 2030 help the Australian economy in the amount of $45 billion annually. According to modeling of the medium- and fast-paced adoption scenarios, these numbers might increase to $75 billion and $115 billion, respectively. 2% to 5% of the Australian GDP would fall within this range.

The paper claims that the majority of these gains ($30 billion to $80 billion) will come from a rise in employee productivity brought on by the automation of repetitive tasks. Economic value estimated to be between $10 billion and $25 billion will result from task augmentation utilizing GAI as a copilot.

At its current state, GAI can augment and automate 44% of the task hours of Australian workers. The analysis also predicts that new enterprises and jobs powered by GAI-created goods and services will generate between $5 billion and $10 billion for Australia's economy. To fully take advantage of the depth and scope of this opportunity, Australia must make sure that generative AI is adopted quickly and responsibly. 

Maximizing The Potential Advantages of GAI In Four Important Industries:

The healthcare, manufacturing, retail, and professional and financial services industries are the four main segments of the Australian economy that are expected to gain from GAI, according to the report. It describes possible GAI use cases in each of these industries as well as the potential economic value that could be produced as a result of this technology.

By enabling earlier and more accurate diagnoses and by being integrated into wearable devices, it can help advance the transition to more proactive models of care. Microsoft Australia and New Zealand's Chief Technology Officer, Lee Hickin, stated We're happy to cooperate with the Tech Council on

Making Use of Australia's Comparative Advantages and Adopting Strategic Measures: 

For Australia to reap the financial rewards of this technology and take the lead globally in GAI, the research states that industry and government are at a crucial point in the adoption of GAI. Exploiting Australia's comparative advantages in digital technology is crucial for advancing this collaboration. These consist of a sizable and highly educated tech workforce, significant investments in digital infrastructure, and widespread use of cloud computing.