The Business Council of Australia says AI is the "next big lever" for economic growth and living standards
A peak business lobby group has warned immediate action is needed to stop Australia falling behind in artificial intelligence.
The Business Council of Australia (BCA) has called for more upskilling of Australians on AI as part of a string of actions to make the country a global leader in the evolving technology by 2028.
In a report released on Monday, the BCA outlined the challenges and opportunities for the country to be a global AI leader.
"AI is already making workplaces better and lifting productivity through machine learning systems, computer vision, recommendation engines, natural language processing, robotics systems and decision support systems," the report read.
"The opportunities for more AI integration are almost endless."
According to the BCA, skills are one of the six key areas that will require focus to achieve Australia's AI agenda.
The key challenge is Australia's need to train more data scientists and machine learning engineers, as well as develop AI literacy across the economy.
"We need to be training more AI specialists, data scientists and engineers, while also educating the entire workforce on how we can improve the day-to-day work experience," said BCA chief executive Bran Black in a statement.
"Even if we apply AI to just the 'boring but essential' parts of our economy—like payroll processing or document analysis—the dividends to consumers and businesses could be significant."
The BCA's report added that having an AI-skilled workforce will drive higher national productivity and enhanced global competitiveness.
"Businesses equipped with AI-savvy employees will innovate faster, operate more efficiently, and create higher-value products and services," the report read. "Start-ups led by world-class talent will be enormous wealth creators for this country. And a workforce ready to deploy AI at scale will draw global investment and anchor high-value industries here in Australia."
Addressing this challenge will require the government to create a National AI Skills Compact, and reform the AI skills development pathways.
"The Compact would provide a clear mechanism for employers to signal demand, shape curriculum, and support practical learning pathways, while giving educators up-to-date insight into the skills industry needs most," the report read.
The initiative would also encourage employers to commit to tangible actions, such as:
"By anchoring AI workforce development in real-world demand, the Compact would help ensure training delivers job-ready graduates and supports inclusive, responsive skills growth," the report read.
The BCA's report comes amid Australians' lack of trust in AI compared to other countries. A global report recently released by KPMG found that half of Australians are using AI regularly, but only 26% are willing to trust it.
According to the report, 78% of Australians are concerned about negative outcomes from using AI systems, while 37% said they have personally experienced these negative outcomes, which include:
The other key areas according to the BCA's AI agenda include adoption, regulation, infrastructure, data, as well as R&D and innovation.
Black said AI is the country's "next big lever" for economic growth and Australian living standards.
"If we get this right, AI can deliver a significant productivity boost and that means higher real wages and more opportunities for more Australians," he said.
He warned that without immediate action, Australia may fall behind competing nations that are racing ahead in AI capability and adoption.
"The choices we make now will determine whether we gain a competitive edge or fall behind," he said.
