Australia has announced plans to create a national AI strategy to increase funding and enhance its AI capabilities, aiming to unlock the potential for financial productivity from these systems. The strategy will focus on building AI skills, sovereign capabilities, and infrastructure, positioning Australia to seize the$ 600 billion boost to GDP that the government expects AI will deliver by 2030.
Set to be developed in consultation with business, the AI program is expected to be released in soon 2025 — after the next national vote, which is scheduled for the year’s second quarter.
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Australia’s Federal Minister for Industry and Science, Ed Husic, emphasized the policy’s part in driving AI purchase, supercharging business and creating well-paid work globally.
In a speech announcing the fresh AI plan, Husic said,” We need to scale up our skills in critical solutions in ways that work for companies and their employees.
What will be contained in Australia’s fresh AI potential program?
The AI strategy aims to develop a comprehensive plan focusing on AI purchase, existing advantages and advantages, skills growth, and royal network and capabilities.
Australia wants to grow AI investment
The government intends to examine how the current Australian state and federal government support mechanisms collaborate to either hinder or support Australia’s AI technology ecosystem. Additionally, it will identify strategies to encourage private sector investment in AI capabilities.
A focus on strengthening AI capabilities
The plan will identify areas of strength in Australian universities and businesses that can promote the growth of the AI sector. Additionally, the government will explore new opportunities for comparative advantage across key sectors of the economy, including agriculture, mining, and renewable energy.
A strategy for AI skills and training
The government wants to increase AI literacy by identifying new training and retraining strategies. Additionally, efforts will be made to help employees reskill throughout their careers, enabling them to take advantage of new job opportunities in new AI-driven positions or retrain as AI automates some of their existing positions.
Sovereign capabilities and infrastructure
The government will consider where sovereign capacity or infrastructure might be necessary for Australia to develop AI technologies to the best of its ability. Additionally, it will consider the benefits and drawbacks of AI and digital inclusion in Australia, as well as how AI will affect people and places.
How will Australia’s new plan be developed and finalised?
The government has stated that the strategy will be developed in consultation with various stakeholders, both within the industry and the general public, because AI will have an impact on almost every industry. Before finalizing the plan, the government will conduct both a targeted and public consultation period. Australia’s Department of Industry, Science and Resources will conduct the process.
When will the AI capability plan be finalised?
The execution of the plan won’t be made until late 2025. The Australian Information Industry Association criticized the rapid pace of AI development as too slow to exploit new opportunities for AI. It argued that the government ought to move its schedule. During this time, there may be federal elections, which could have an impact on the outcome of a change in government.
Why did Australia start working on an AI Capability Plan?
The Australian government has stated its intention to expand the country’s existing AI advantages by adopting an” Australian-first” strategy to grow the local AI sector for the long run.
The government made the announcement by mentioning that around 650 AI companies have their headquarters in Australia. According to data released by the government, foreign investors contributed AUD$ 7 billion to Australian AI technologies in the five years leading up to 2023.
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” This plan will look to harness our AI know-how to secure our supply chains and strengthen our critical infrastructure”, Husic said. ” This is something business is calling for and we’re delivering. We will work closely with firms, and with communities and workers, to drive investment in our AI capabilities”.
What other steps is Australia taking to improve its AI prospects?
The government has been criticised for focusing on regulation and guardrails to protect citizens from AI, rather than supporting AI innovation, investment, and adoption. The AIIA called Australia a” slow adopter of AI across its economy by global standards”, due what it called” concerns and fears” with the technology.
However, the government made it clear that under the National Reconstruction Fund, nearly AUD$ 1 billion was dedicated to crucial technologies, while the Research and Development Tax Incentive supported nearly AUD$ 500 million in AI, computer vision, and machine learning projects from 2022 to 2023.
Additionally, the government has established a network of” AI Adopt” centers to better train SMEs interested in understanding and implementing AI in their businesses. The National AI Centre has also released a micro skill course,” Introduction to Artificial Intelligence”, delivered through TAFE NSW.
