Australia's Job Market Resilient Amid AI Adoption Surge
The AI jobs apocalypse hasn’t landed in Australia – yet
Image: The Sydney Morning Herald
Research indicates that while artificial intelligence is beginning to impact job prospects in Australia, particularly for clerks and telemarketers, the overall job market remains stable. Significant investments in AI infrastructure are underway, with businesses spending a record $21.8 billion over the past year. However, wages for at-risk positions have not yet been significantly affected.
- 01Businesses in Australia spent a record $6 billion on AI-related equipment in the first quarter of the year, a 400% increase from the previous year.
- 02Despite early signs of AI's impact, the overall job market remains stable, with software engineers and telemarketers seeing little weakness.
- 03Jobs most at risk from AI, such as accounting clerks and telemarketers, have experienced weaker hiring trends since 2022.
- 04Firms adopting AI report stronger earnings growth, but wages for at-risk jobs are not growing as quickly as those in safer positions.
- 05Approximately 15% of all jobs in Australia are significantly exposed to AI, with employment growth in these roles lagging behind safer occupations.
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Research from Monash University economist Zac Gross reveals that while artificial intelligence is starting to impact job prospects for certain roles in Australia, the overall job market has not yet experienced a significant disruption. In the first quarter of the year, Australian businesses invested a record $6 billion in AI-related equipment, reflecting a 400% increase compared to the previous year. Total spending on AI and IT reached $21.8 billion over the past year. Although hiring has weakened in occupations most threatened by AI, such as clerks and telemarketers, Gross emphasizes that the anticipated job losses have not materialized. He notes that software engineers, despite AI's integration into their work, have seen earnings grow at the national average. The research also indicates that firms utilizing AI are experiencing stronger earnings growth, although wages for at-risk positions are not keeping pace with those in more secure roles. Additionally, about 15% of jobs in Australia are significantly exposed to AI, with employment growth in these areas lagging behind those less threatened by the technology.
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The surge in AI-related investments and infrastructure development is expected to reshape the job market in Australia, particularly affecting roles vulnerable to automation.
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