AI & Automation
Edited by Marc Eastmure
Artificial intelligence (AI) is a broad term which refers to technologies that emulate human intelligence in their application, such as visual perception, speech recognition, decision-making and machine learning. AI has been applied to automate many processes usually manually performed by human workers across both white and blue collar sectors. Examples include self-service checkouts, financial trading algorithms, legal clerk research and medical diagnosis tools.
A recent report has stated that Australia’s national income gains from AI and automation could be in the region of $2.2 trillion by 2030, while in the same period we also face a potential 5 million job losses (or 40% of jobs) across not only blue-collar, but also white-collar and professional roles. Similar findings were made in a UK study, done by Deloitte, which found that 800,000 low-skilled jobs were eliminated as a result of AI and other automation technologies, but had simultaneously created 3.5 million new jobs, paid on average nearly $13,000 more per year than the ones that were lost
Whilst many believe AI and automation will bring unprecedented economics benefits, massively improving productivity and standards of living, there are also concerns of negative consequences such as creating mass unemployment and income inequality through make many existing jobs redundant, and the reduction in the value of 'human' work.
Do the productivity gains from AI and Automation outweigh the disruptions it will have on society?
Pew Research Centre, ‘AI, Robotics & the Future of Jobs’.
The Conversation, 'Who’s to blame when artificial intelligence systems go wrong?'.
Business Insider Australia, ‘Artificial Intelligence Could Free People From Work - If We Let It’, Australian Financial Review, ‘Work in the Age of Artificial Intelligence'.
World Economic Forum, '5 reasons consumers will embrace artificial intelligence'.