Top reasons Australia should invest in AI tech

Jomar Teves Jul 18, 2023

2 min read

AI tech has emerged as a game-changing technology that can reshape industries and enhance the lives of individuals across the globe. In Australia, AI is already finding its way into diverse sectors.

For instance, the legal profession benefits from AI’s ability to scan and prepare legal briefs efficiently, saving valuable time and resources. In healthcare, AI holds immense potential to improve disease detection and diagnosis through advanced image analysis and predictive patient data analysis.

Moreover, the fascinating example of Kakadu National Park showcases how combining Indigenous knowledge, technology, and AI can support ecosystem resilience and environmental conservation efforts.

Securing Australia’s position in the global AI race

To remain competitive, Australia’s Artificial intelligence roadmap identifies three key areas where AI can shape the nation: natural resources and the environment, health, aging, and disability, and cities, towns, and infrastructure. These diverse fields demonstrate the vast potential of AI applications across various aspects of Australian life.

Australia must stay abreast with global leaders in AI research and development to remain competitive on the international stage. Countries like the United States, China, the United Kingdom, Canada, and Singapore are making substantial investments to establish themselves as AI pioneers. The US’s National AI Initiative and China’s 2030 AI leadership goal demonstrate their commitment to safe AI development and cutting-edge technological advancements.

In contrast, the UK, Canada, Singapore, and India have formulated comprehensive national strategies and allocated significant funding to bolster AI research and applications.

Economic impact in an Inclusive and ethical AI

As AI advances, diversity of thought and inclusivity become critical policy considerations. Only 22% of AI researchers are women, highlighting the need for more diversity in the field. Incorporating Indigenous knowledge and cultural perspectives can lead to more holistic and inclusive AI research.

The potential economic benefits of AI are immense. Australia could significantly boost its economy by deepening the use of digital technologies, including AI. Projections indicate that AI benefits could be worth $22.17 trillion to the global economy by 2030. By investing in AI R&D, Australia has the opportunity to secure a slice of this economic growth and expand its presence in future Asia-Pacific markets.

As other nations race ahead to secure AI’s benefits, Australia must invest in AI research and development to maintain its competitive edge. By embracing AI’s capabilities, Australia can unlock economic opportunities, improve job prospects, and address critical industry challenges. Investing in AI research and development is an investment in technology and Australia’s future prosperity and global standing.

Jomar Teves

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After four years in business school and working for multinational clients, Jomar believes he can improve the world through his writings via Public Spectrum, by informing the public on the latest news and updates happening around the government and society. Jomar has eight years experience as a writer and has a degree in Business Administration and Entrepreneurial Marketing.