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Australia could lose $150B in growth by 2034 without urgent AI investment, a report warns.
Australia risks losing up to $150 billion in economic growth by 2034 if it doesn’t boost AI investment, a report by the Australian Academy of Technological Sciences and Engineering and Kearney warns.
While global AI spending is projected to exceed $3 trillion by 2026, Australia has spent just over $300 million in five years—far less than nations like the UK, Germany, Canada, and Singapore.
A $5 billion government investment over five years could unlock $235 billion in growth, equivalent to an 8% GDP boost, by advancing sovereign AI, upgrading supercomputing, creating regional hubs, and expanding workforce training.
Experts stress urgent action is needed to avoid falling behind in productivity and innovation, especially in agriculture and weather forecasting, and to combat talent loss.
The findings come ahead of the federal government’s expected national AI plan before the end of 2025.
Australia podría perder $ 150B en crecimiento para 2034 sin una inversión urgente de IA, advierte un informe.