Australia is significantly falling behind in global AI race, warns billionaire Scott Farquhar
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Speaking at the National Press Club, Farquhar described AI as a "great industrial revolution" and said Australia is failing to invest adequately in research, infrastructure, and policy reform. He urged both government and industry to treat AI as an economic priority, claiming it could add up to $115 billion annually to the national economy by 2030 if leveraged effectively.
AI could add $115 billion to Australia's economy
Farquhar highlighted the immense economic opportunity AI presents, stating that by building on existing infrastructure, Australia could generate an additional $115 billion per year by the end of the decade.
He pointed to AI's potential to transform sectors such as healthcare, logistics, education, and customer service—boosting productivity and global competitiveness.
According to Farquhar, Australia's geography and land availability position it well to become a global hub for AI data centres. These facilities, critical to processing the vast amounts of data AI requires, could allow the country to play a central role in the Asia-Pacific AI economy.
However, he warned that realizing this potential would require swift action and government support.
Call for copyright reform to enable AI training
One of Farquhar's key policy recommendations was to reform Australia's copyright laws to allow text and data mining (TDM) exceptions—something the US and Europe already permit. These legal changes would enable AI models to train more efficiently on large datasets, accelerating innovation and product development across industries.
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Addressing concerns about AI replacing human jobs, Farquhar acknowledged that job displacement is inevitable, but emphasized that such shifts have historically led to greater national progress. Drawing a comparison to the transition from steam to electric trains, he argued that embracing change now will lead to long-term benefits, provided Australia adapts intelligently.
A wake-up call for policymakers and industry
With an economic roundtable on productivity scheduled for August, Farquhar's remarks serve as a timely warning. He urged the Albanese government and Australian businesses to prioritize AI development before the opportunity slips away, insisting the country still has 'everything to play for' in the global AI race.
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