Generative AI could contribute $115 billion annually to Australia’s economy by 2030
The report estimates that in the slow-paced adoption scenario, GAI could contribute $45 billion annually to the Australian economy by 2030. Modelling of the medium- and fast-paced adoption scenarios show that this figure could rise to $75 billion and $115 billion, respectively. This range is equivalent to 2 to 5 per cent of the Australian economy.
Most of these gains ($30 billion to $80 billion) would result from increases in workforce productivity through the automation of routine tasks, according to the report. The augmentation of tasks using GAI as a ‘copilot’ is expected to deliver between $10 billion and $25 billion in economic value.
On average, GAI has the potential to automate and augment 44 per cent of Australian workers’ task hours at its current level of capability. This would enable workers to focus their time on higher value-adding tasks and increase the quality of their output.
The report also estimates that new products and services created using GAI will power new jobs and businesses, collectively contributing between $5 billion and $10 billion to Australia’s economy.
“However, Australia must ensure swift and responsible adoption of generative AI to fully capture the depth and breadth of this opportunity.”
Unlocking the potential benefits of GAI in four key sectors
The report identifies four key sectors of the Australian economy that are poised to benefit from GAI: healthcare, manufacturing, retail, and professional and financial services. It details potential use cases for GAI in each of these sectors as well as the subsequent economic value that could be generated using this technology.
For example, GAI can enhance the quality and accessibility of healthcare by reducing administrative tasks, which allows more one-on-one patient care. It can also improve the personalisation of healthcare by being embedded in wearable devices, as well as support the transition towards more proactive models of care by enabling earlier and scalable diagnoses.
Lee Hickin, Chief Technology Officer at Microsoft Australia and New Zealand, said: “We’re proud to partner with the Tech Council on this timely report. Generative AI has emerged as a transformational technology in 2023, with its adoption growing rapidly across various sectors in Australia.
“Microsoft is committed to fostering closer collaboration between industry and government to ensure the nation can realise the potential economic benefits of generative AI, and do so responsibly. “
