Chalmers bets on AI to revive stagnant economy
The Treasurer appears to have embraced this idea. He told The Australian Financial Review last month that AI was an absolute game changer, a key part of the productivity agenda, and that while 'regulation will matter, we are overwhelming focused on capabilities and opportunities, not just guardrails'. Harnessing data and digital technology is the third pillar of Chalmers' Productivity Agenda which he has tasked the Productivity Commission with.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Perth Now
10 minutes ago
- Perth Now
Peek into surprise RBA decision as rate cut on cards
A behind-the-scenes glimpse at the Reserve Bank's shock interest rate decision could offer clues into its next ruling. Borrowers and mortgage holders are still reeling after its board flouted expectations and held the cash rate at 3.85 per cent in July. But the release of tameeting minutes on Tuesday could shine a light on the reasoning and prepare financial markets for the central bank's next decision, which will be handed down on August 12. It was expected to deliver a 25 basis point cut but instead came to a rate hold in a split decision as most board members were awaiting confirmation inflation was heading towards the 2.5 per cent midpoint of its target range. Reserve Bank governor Michele Bullock is also expected to deliver a speech on Thursday that will provide answers for economists and ordinary Australians alike. But many economic analysts believe an unanticipated jump in Australia's unemployment rate will likely force the RBA's hand at its August meeting. The Australian Bureau of Statistics on Thursday revealed the jobless rate had jumped from 4.1 per cent to 4.3 per cent in June, defying market expectations it would hold steady for another month. These figures were the last set of labour force data before the August decision and though many have noted it still reflects a relatively low unemployment rate, it also signals a softening in the market that the Reserve Bank did not expect until the year's end. CreditorWatch's chief economist Ivan Colhoun said it marked a clear miss that made the July rates ruling appear "overly cautious" and that an August cut was "virtually locked in". The increase in unemployment has been attributed to growing global uncertainty, with Treasurer Jim Chalmers pointing to international conflicts and the looming threat of US tariffs. NAB's head of Australian economics Gareth Spence has said the RBA will continue to focus on domestic figures to guide its decision and is expecting cuts in August, November and February - eventually taking the cash rate to 3.1 per cent. "We see the RBA remaining cautious," he said. "The uncertain global backdrop sees a risk of faster and deeper cuts, although the domestic data has remained resilient to date." But given the initial revelations about the July results, other economists like VanEck's head of investments Russel Chesler have stressed the importance of upcoming quarterly inflation figures as a "vital data point" that will determine the RBA's next decision. The federal government is expecting the jobless rate to rise to the "middle fours" but Dr Chalmers maintains a soft landing is still the expectation. Wall Street was meanwhile a little subdued to close the week, amid reports President Donald Trump is pushing for steep new tariffs on EU products. Speculation over a minimum impost of between 15 per cent and 20 per cent in any deal with the European bloc sent US indices lower before a partial recovery on Friday. The S&P 500 lost 0.57 points, or 0.01 per cent, to 6,296.79, and the Nasdaq Composite gained 10.01 points, or 0.05 per cent, to 20,895.66. The Dow Jones Industrial Average fell 142.30 points, or 0.32 per cent, to 44,342.19. Australian share futures plunged 49 points, or 0.56 per cent, to 8,898. However the benchmark S&P/ASX200 index on Friday gained 118.2 points, or 1.37 per cent, to 8,757.2, while the broader All Ordinaries rose 116 points, or 1.3 per cent, to 9,006. The gains were the ASX200's biggest since a 4.5 per cent rally on April 10 and the first time it has crossed 8,700.
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
Could artificial intelligence change rugby league forever?
Pressed on specifics, Driussi was diplomatically vague: 'We're exploring multiple AI applications, but competitive advantage comes from execution, not just ideas. The technology helps us analyse information and identify patterns that might otherwise be missed.' What makes the Bulldogs' AI adoption particularly intriguing is Driussi's other role as CEO of Quantium, an Australian artificial intelligence and advanced analytics company. The firm works with major Australian companies, such as Woolworths, Commonwealth Bank, Telstra and Qantas. The connection provides the Bulldogs access to world-class AI expertise that would typically cost NRL clubs millions of dollars to develop themselves. While Driussi is careful not to discuss any formal arrangements, the potential for knowledge transfer is obvious. The 'Family Club' previously revealed it used AI to identify Jacob Preston during his recruitment from the Roosters' pathways system, suggesting the technology has been instrumental in some of their personnel decisions. AI's influence on sport was one of the topics discussed at the NRL's Business of Sport Conference in Las Vegas at the University of Nevada, just before this year's season-opening matches at Allegiant Stadium. The headline speakers were Driussi and Paul Devlin, the latter the global strategy leader for betting, gaming and sports technology at Amazon Web Services. Devlin, who has held high-performance roles at the Brisbane Broncos, South Sydney, Parramatta and Melbourne Storm, said AI would transform the sporting landscape. 'We see AI as absolutely revolutionary, and we think it will impact every area of business in the future,' Devlin says. 'So everybody should be experimenting with it right now, so that was kind of the key message that came out of that NRL event ... AI is going to improve every area of business, but it is really clear on the insight generation from the data side of it in a sport like rugby league on talent identification, load monitoring, safety of the games through simulations, as well as the fan side of sport as well.' Several NRL clubs are already dabbling with AI. One leading head coach, speaking on the condition of anonymity to protect the club's intellectual property, said that AI had the potential to help analysts wade through reams of data to come up with a couple of key takeaways when preparing for an opponent. 'That's where I see the next step in world sport, how AI can save you time in identifying those trends so you're not wasting time doing it yourself,' the coach says. 'The advantage you get is saving man-hours, so you actually spend less time on computers and more with the players. 'You can see the information that's relevant; missed tackles is the most outdated stat because there's no context to it. And completion rates; seven of the top-10 completing teams didn't make the finals last year.' Here's a practical example of how AI is being used. One club found the best way to beat the Storm is to limit their time in possession. If you can restrict them to less than 23 minutes and 25 seconds with the football – they average 26 minutes and 36 seconds – you have an almost 100 per cent chance of winning. Not easy to do in reality, but it's useful information. While most NRL teams focus heavily on pre-contact metres – the distance gained before first defensive contact – to build momentum, a different focus is required to beat Canberra. AI found the Raiders were uniquely driven by post-contact metres, those tough yards gained after contact. Limit those metres, and you can stop the Green Machine. Canterbury's embracing of AI reflects a broader transformation sweeping through professional sport worldwide. American sports leagues are leading the charge, with the NFL processing more than 500 million data points per season through its Digital Athlete system, reducing player injuries by 700 missed games since 2023. Major League Baseball has implemented AI for pitching analysis and injury prevention, while the NBA uses machine learning for player load management and game strategy optimisation. English Premier League clubs are using AI for recruitment: Brighton's system identified Moises Caicedo before his eventual £115 million ($240 million) transfer from them to Chelsea, while Liverpool's partnership with Google DeepMind has produced tactical analysis tools that club experts prefer over traditional methods 90 per cent of the time. The secrecy surrounding Canterbury's AI implementation is understandable given the competitive implications; NRL clubs are notoriously protective of innovations that might provide advantages. The technological investment aligns with the Bulldogs' recent restructure. The blue and whites are constructing a $50 million centre of excellence at Belmore and have significantly expanded their pathways programs, including taking over the Fiji Silktails program. 'We're building for long-term success,' Driussi says. 'That means investing in the best people, the best facilities and the best technology available to us.' Bulldogs chief executive Aaron Warburton confirmed the club's commitment to innovation. 'We're always looking at ways to improve our operations and give our players and staff the best possible tools to succeed,' Warburton says. 'Technology is certainly part of that equation.' Loading The club's return to finals football last year, after missing the post-season for eight seasons, has been attributed to improved recruitment, player development and coaching. However, the role of AI in this transformation remains largely hidden. Given the global AI sports market is tipped to grow from $1.2 billion to nearly $30 billion by 2032, getting in early could be the key to success. Already, rivals are playing catch-up to Canterbury. For a club that has endured wooden spoons and years of mediocrity, the Bulldogs are marrying old-school values with cutting-edge technology. Whether that translates to premiership glory remains to be seen, but the Bulldogs are betting heavily that the future of rugby league will be shaped by artificial intelligence.
The Age
3 hours ago
- The Age
Could artificial intelligence change rugby league forever?
Pressed on specifics, Driussi was diplomatically vague: 'We're exploring multiple AI applications, but competitive advantage comes from execution, not just ideas. The technology helps us analyse information and identify patterns that might otherwise be missed.' What makes the Bulldogs' AI adoption particularly intriguing is Driussi's other role as CEO of Quantium, an Australian artificial intelligence and advanced analytics company. The firm works with major Australian companies, such as Woolworths, Commonwealth Bank, Telstra and Qantas. The connection provides the Bulldogs access to world-class AI expertise that would typically cost NRL clubs millions of dollars to develop themselves. While Driussi is careful not to discuss any formal arrangements, the potential for knowledge transfer is obvious. The 'Family Club' previously revealed it used AI to identify Jacob Preston during his recruitment from the Roosters' pathways system, suggesting the technology has been instrumental in some of their personnel decisions. AI's influence on sport was one of the topics discussed at the NRL's Business of Sport Conference in Las Vegas at the University of Nevada, just before this year's season-opening matches at Allegiant Stadium. The headline speakers were Driussi and Paul Devlin, the latter the global strategy leader for betting, gaming and sports technology at Amazon Web Services. Devlin, who has held high-performance roles at the Brisbane Broncos, South Sydney, Parramatta and Melbourne Storm, said AI would transform the sporting landscape. 'We see AI as absolutely revolutionary, and we think it will impact every area of business in the future,' Devlin says. 'So everybody should be experimenting with it right now, so that was kind of the key message that came out of that NRL event ... AI is going to improve every area of business, but it is really clear on the insight generation from the data side of it in a sport like rugby league on talent identification, load monitoring, safety of the games through simulations, as well as the fan side of sport as well.' Several NRL clubs are already dabbling with AI. One leading head coach, speaking on the condition of anonymity to protect the club's intellectual property, said that AI had the potential to help analysts wade through reams of data to come up with a couple of key takeaways when preparing for an opponent. 'That's where I see the next step in world sport, how AI can save you time in identifying those trends so you're not wasting time doing it yourself,' the coach says. 'The advantage you get is saving man-hours, so you actually spend less time on computers and more with the players. 'You can see the information that's relevant; missed tackles is the most outdated stat because there's no context to it. And completion rates; seven of the top-10 completing teams didn't make the finals last year.' Here's a practical example of how AI is being used. One club found the best way to beat the Storm is to limit their time in possession. If you can restrict them to less than 23 minutes and 25 seconds with the football – they average 26 minutes and 36 seconds – you have an almost 100 per cent chance of winning. Not easy to do in reality, but it's useful information. While most NRL teams focus heavily on pre-contact metres – the distance gained before first defensive contact – to build momentum, a different focus is required to beat Canberra. AI found the Raiders were uniquely driven by post-contact metres, those tough yards gained after contact. Limit those metres, and you can stop the Green Machine. Canterbury's embracing of AI reflects a broader transformation sweeping through professional sport worldwide. American sports leagues are leading the charge, with the NFL processing more than 500 million data points per season through its Digital Athlete system, reducing player injuries by 700 missed games since 2023. Major League Baseball has implemented AI for pitching analysis and injury prevention, while the NBA uses machine learning for player load management and game strategy optimisation. English Premier League clubs are using AI for recruitment: Brighton's system identified Moises Caicedo before his eventual £115 million ($240 million) transfer from them to Chelsea, while Liverpool's partnership with Google DeepMind has produced tactical analysis tools that club experts prefer over traditional methods 90 per cent of the time. The secrecy surrounding Canterbury's AI implementation is understandable given the competitive implications; NRL clubs are notoriously protective of innovations that might provide advantages. The technological investment aligns with the Bulldogs' recent restructure. The blue and whites are constructing a $50 million centre of excellence at Belmore and have significantly expanded their pathways programs, including taking over the Fiji Silktails program. 'We're building for long-term success,' Driussi says. 'That means investing in the best people, the best facilities and the best technology available to us.' Bulldogs chief executive Aaron Warburton confirmed the club's commitment to innovation. 'We're always looking at ways to improve our operations and give our players and staff the best possible tools to succeed,' Warburton says. 'Technology is certainly part of that equation.' Loading The club's return to finals football last year, after missing the post-season for eight seasons, has been attributed to improved recruitment, player development and coaching. However, the role of AI in this transformation remains largely hidden. Given the global AI sports market is tipped to grow from $1.2 billion to nearly $30 billion by 2032, getting in early could be the key to success. Already, rivals are playing catch-up to Canterbury. For a club that has endured wooden spoons and years of mediocrity, the Bulldogs are marrying old-school values with cutting-edge technology. Whether that translates to premiership glory remains to be seen, but the Bulldogs are betting heavily that the future of rugby league will be shaped by artificial intelligence.
