A $200 billion boost to the economy – but it may mean losing your job
As the nation's second-largest company slammed a proposal from the commission that would increase its annual tax bill, the agency urged Anthony Albanese to reject calls from within his government to impose binding regulation on AI, saying it could leave everyone worse off.
In its third report before this month's economic roundtable, at which 23 hand-picked experts, business and union leaders will map out ways to lift the country's productivity growth rate, the commission said data and digital technologies were the modern engines of economic growth.
Likening the possible gains from AI to the way steam engines helped begin the industrial revolution, the commission said the emerging technology could underpin a surge of productivity over coming years.
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It said productivity by workers could grow by 4.3 per cent, which, based on the current size of the jobs market and working hours, could lift economic output by $116 billion over the next decade.
Benefits from allowing businesses and individuals to access and share data that relates to them, such as making better spending decisions, could potentially add another $10 billion a year through higher productivity.
Commissioner Stephen King said new technology had driven productivity growth since the 1960s, which had improved living standards threefold since.
'With the right policy approach, AI technology and innovations in data could help Australia get back on the path to growth,' he said.
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