Amazon's Satellite Service Called on to Provide Internet Service in Regional Australia
The agreement will see Kuiper's advanced low-Earth orbit (LEO) satellite technology gradually replace the decade-old Sky Muster service beginning mid-2026.
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Business Insider
3 hours ago
- Business Insider
AI will augment high-skilled jobs but hit clerical work hardest, Australia's government predicts
Australia's jobs market is bracing for an AI shake-up. Generative AI is set to automate large chunks of routine clerical and administrative work while serving as a powerful assistant for high-skilled roles, according to new modelling from Jobs and Skills Australia. The government agency's "Our Gen AI transition" report, released on Thursday, used economy-wide Computable General Equilibrium modelling — a type of economic simulation that tracks how changes ripple across all industries and occupations — to forecast how automation and augmentation could reshape Australia's labor market between now and 2050. The model incorporated "exposure" scores for 998 occupations, estimating how much of each job could be fully automated or partially augmented by AI technology. The results showed that only about 4% of the workforce is in occupations with high automation exposure, while 79% have low automation exposure but medium-to-high augmentation potential. That means AI is more likely to change how most jobs are done rather than eliminate them. JSA's report listed routine clerical roles, including general clerks, receptionists, accounting clerks, and bookkeepers, as the most automatable. At the other end of the spectrum, knowledge-intensive jobs like managers, engineers, healthcare professionals, and educators had higher augmentation potential. JSA's modelling projected the biggest job declines by 2050 for general clerks, receptionists, accounting clerks and bookkeepers, sales and marketing professionals, and programmers. It predicted the largest job gains for cleaners and laundry workers, nurses and midwives, business administration managers, construction and mining laborers, and hospitality workers — occupations that require physical presence and human touch. While the pace of change will vary depending on how quickly industries and occupations adopt generative AI, JSA forecasts slower employment growth through the 2030s as the labor market adjusts, followed by faster growth in the 2040s. "The quality of adoption and implementation will be instrumental in achieving the benefits of labor-augmenting tools," the report said. The report also found no evidence of a broad decline in entry-level hiring so far, but said early signs suggest these jobs may evolve, shifting from performing repetitive tasks to overseeing and refining AI-generated outputs. JSA urged policymakers to prepare now with targeted training, industry partnerships, and digital inclusion efforts to ensure all workers can benefit from the AI transition, especially women, older Australians, First Nations peoples, and people with disabilities, who the report found are more likely to be in roles with higher automation risk. The findings come amid a wider debate over how AI will affect human work. Satya Nadella, the Microsoft CEO, has argued that while " knowledge work" will be redefined as AI takes on tasks once done exclusively by people, humans will still be needed to oversee and direct the technology. Others are more pessimistic. Adam Dorr, the research director at the think tank RethinkX, has warned that AI could make most human jobs obsolete by 2045, leaving only a narrow set of roles that depend on human connection or ethical complexity. Geoffrey Hinton, dubbed the "Godfather of AI," has meanwhile said " mundane intellectual labor" is most at risk, predicting that one person could end up doing the work of 10 with AI assistance. In the eyes of the Amazon CEO Andy Jassy, AI will automate certain roles but create new jobs in areas such as robotics, while Bill Gates has highlighted the potential for AI to solve chronic shortages of teachers and doctors.
Yahoo
20 hours ago
- Yahoo
Hidden cost set to slash inheritance hopes
Younger Australians are over-estimating their inheritance as cost-of-living and stagnant wages means they need more than older Australians will be able to give them. New data released by Colonial First State shows Australians aged between 18 and 29 expect to inherit a whopping $525,000 on average, when the family home and leftover super is factored in. These high expectations come as younger Australians look to the older generations to help secure their financial future. But a combination of rising aged care costs, changing government regulations in the space and the sheer longevity of older people means this optimism around how much they will inherit is 'misplaced.' CFS head of technical services Craig Day warned these high inheritance expectations will come 'under pressure'. 'When you think about what older Australians are staring down the barrel of including longevity and rising aged care cost, this ($525,000) expectation is going to come under a lot of pressure,' he told NewsWire. 'A lot of the assets that are earmarked to be paid out as an inheritance may in the future be needed elsewhere.' CFS says most older Australians intend to leave something behind, but many underestimate just how much they will have left. The family home, vehicles and any remaining superannuation top the list to be passed down to the kids, but investment portfolios and other property have largely been earmarked for retirement income. CFS chief executive of superannuation Kelly Power said young Australians also need the money. 'Young people are increasingly relying on the wealth of their parents or grandparents due to rising living costs, stagnant wage growth and housing pressures,' she said. 'At the same time, older generations are navigating the complexities of retirement planning. 'They want to support their families while ensuring their own financial security. Mr Day urged older and younger Australians to openly talk about their financial futures. 'It's important that young and old can discuss their expectations and plans openly. By having these conversations early, families can ensure that everyone is on the same page and can make informed decisions that align with their values and goals,' he said. 'It's why we're saying it's really important for families to have these conversations so they don't get to the point where it's oh bugger, I was expecting this much to pay off my mortgage before I started saving for my retirement but there's not much left.' Mr Day also said younger Australians should look at their retirement needs as early as possible, even though 'the realities of life' including cost of living pressures can make it harder to think long-term. 'It's never too early to start planning for retirement,' he said. 'The sooner you plan, the easier it becomes because you get the benefit of that compounding big snowball rolling and it helps you achieve your objectives sooner.' Sign in to access your portfolio
Yahoo
20 hours ago
- Yahoo
Hidden $3,000 per year cost of cashless revolt as record number hit: 'Uncomfortable truth'
For decades, cash was king. It felt safe, simple, and sensible. But with where the world is at today, that safety comes with a hidden cost — because your cash is going backwards. Right now, Aussies are sitting on record levels of cash. Based on current data, household bank deposits, including; savings, transaction accounts, term deposits, and offset balances are sitting at a record high level of $1.46 trillion dollars. RELATED Gen Z Aussie defends cash crusade after note on windscreen results in $97 parking fine 30,000 Aussie workers needed for Census jobs paying up to $60 per hour Huge push for four-day work week to become reality for all Australians But what most people don't realise is that any money you have sitting in cash is being eroded by inflation and tax. Because the interest you earn on a savings account is taxable at marginal tax rates of up to 47 per cent, and then on top the cost of everything is increasing each year with inflation, any money you have in cash is breaking even at best, and probably going backwards. If you're earning good money and stockpiling cash, the uncomfortable truth is that you're losing ground - and over time this adds up in a big way. Cash can't keep up Just to be clear, cash does have an important role to play. It's great for emergencies, short term goals, and giving you peace of mind. But anything beyond that, and it becomes a drag. There are three key reasons why. Firstly, inflation eats into your purchasing power. If inflation is running at the RBA's target of 3 per cent, $100,000 in the bank will effectively be worth only $97,000 in a year's time. Further, returns on cash are taxed. Even if you're earning 4.5 per cent interest, if you're paying 37 per cent tax, your after tax return is closer to 2.8 per cent - which is less than the inflation rate over the last few years. And finally but maybe most importantly, you miss out on compounding. Cash savings don't grow in a meaningful way over time, and definitely don't grow in the way investments do. The end result is that while having a good savings balance feels safe on the surface, this is silently costing you money every single month. There's a smarter alternative to hoarding cash The answer here isn't just to 'dump all of your money into the sharemarket' which could come with more risk than you need. Instead, what you need is a system - a smarter way to use your cash to build flexibility and momentum, without risking your financial progress. There are four key things you should be thinking about to make sure you're making the most of the money you have today. Keep the right amount of cash You most likely should be holding some of your money in cash — just not all of it. As a general rule of thumb, you should have a maximum of 3-6 months of your core spending in a high interest savings account for emergencies. This gives you peace of mind and will protect you from the unexpected. In addition, if you're planning a large expense, i.e. house deposit, school fees, or a holiday, cash is probably the right place for that money. But anything beyond this means you're overcapitalising in an underperforming asset, and probably costing yourself a bunch of money. Use offset accounts to kill bad debt faster If you've got a home loan, one of the best places for your savings is to put it to work against your debt. Instead of sitting cash in a savings account, parting it in an offset account will generally see you further ahead. An offset account reduces the amount of interest you're charged on your debt. So if your mortgage is $650,000, and you've got $50,000 in your offset, it means you're only paying interest on $600,000. That's a risk free and tax free return on your money at your current mortgage interest rate, which beats most savings accounts hands down. If you've got a loan and you're still saving into a regular savings account, think about using an offset account to get your money working harder for you. Automate investments into growth assets Once your buffer and debt strategy are sorted, it's time to get your cash growing. You can start by automating monthly investments into growth assets like ETFs or shares, or even directing the money towards an investment property. Doing this on a consistent schedule allows you to remove emotion and takes advantage of market cycles. This is where the long term compounding magic happens — and where your money starts actually building your wealth rather than just sitting still. BREAK IT DOWN: Investing just $1,000 monthly over a 20 year period would see your money grow to be worth around $739,964 based only on the long term Australian sharemarket return of 9.8 per cent. This compares to directing the same $1,000 monthly to a savings account at 4 per cent — where the money would grow to be worth only $366,775. That's a difference of $373,189 on exactly the same money and shows the power of getting quality growth assets behind you. Thankfully today technology is making this easier than ever before. Consider finding a low cost investment platform, and scheduling a fixed monthly transfer from your bank account directly into your investment accounts — and watch your money grow faster. The wrap Cash has its place — it gives you flexibility, stability, and peace of mind. But if most of your money is parked in cash, it's limiting your financial potential. With inflation not going away and the tax coming in on top, too much cash means slow progress. Smarter strategies, like minimising your savings, offset buffering, and automatic investing, all allow you to protect what matters while you grow your money. Cash has a role, but it's not the hero in your financial plan. Ben Nash is a finance expert commentator, podcaster, financial adviser and founder of Pivot Wealth. Ben's new book, Virgin Millionaire; the step-by-step guide to your first million and beyond is out now on Amazon | Audiobook. If you want some help with your money and investing, you can book a call with Pivot Wealth here. Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it, and where appropriate, seek professional advice from a finance in retrieving data Sign in to access your portfolio Error in retrieving data
