Australia politics live: Greens say Labor and Coalition deal on gambling ad laws a ‘smokescreen’
Summary
Australia is spending billions of dollars annually on artificial intelligence (AI) products, but most of the money goes to foreign companies. Labor minister Andrew Charlton says Australia should not only use AI more but also develop its own AI technology to keep more economic benefits within the country.Key Facts
- About 20% of Australians and one-third of businesses pay for AI subscriptions.
- The current AI spending in Australia is estimated between $5-8 billion per year, growing by up to 40% each quarter.
- Most of the money spent on AI products leaves Australia, creating a new import bill.
- Charlton estimates this AI import bill could reach $20-40 billion a year within ten years.
- Simply building data centers in Australia will not capture the full value of AI technology.
- Australia needs to develop AI models and technology itself, not just host data centers and machines.
- Charlton says adopting AI widely can boost productivity but only if Australia also builds its own AI industry.
- The goal is to capture more of the economic value of AI through innovation and local companies.
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