The Australian government is set to launch a National AI Capability Plan to strengthen the country’s artificial intelligence (AI) industry, which is projected to contribute significantly to the economy by 2030. However, industry leaders have urged a faster timeline, warning that delays may hinder Australia’s ability to compete in the rapidly evolving global AI market.
Announced in a statement on December 16 by Ed Husic, Minister for Industry and Science, the plan is expected to enhance the country’s AI ecosystem through workforce upskilling, fostering innovation, and attracting investment.
“This plan will harness our AI expertise to secure supply chains and fortify critical infrastructure,”
Husic said.
Husic stated that the plan would be developed in collaboration with the Albanese government, and its focus would be on enhancing AI literacy and identifying research opportunities within universities and businesses. He also noted that the government will assess state and federal support systems to determine their impact on AI development.
Australia currently hosts approximately 650 AI companies, with the industry expected to play a pivotal role in economic growth. Yet, there are concerns that the proposed timeline—set for completion in late 2025 following public consultations—may hinder Australia’s ability to compete in the fast-evolving global AI market, which is forecasted to reach $826 billion by 2030, according to Statista.
Simon Bush, CEO of the Australian Information Industry Association (AIIA), welcomed the initiative but called for the review to be completed by early 2025.
“The fast-moving AI landscape doesn’t allow for long delays,”
he said, stressing the need for a balanced approach to regulation and innovation to encourage AI adoption. Bush also noted that Australia has been a slow adopter of AI due to concerns and fears surrounding its integration.
Notably, government bodies have been particularly concerned about the growing risks associated with AI misuse. The Australian Securities and Investments Commission (ASIC) recently reported dismantling over 5,500 fake investment platforms, 1,065 phishing links, and 615 cryptocurrency scams since July 2023.
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