Report – Technology Council of Australia, 18 July 2023
Australia’s Generative AI opportunity
Generative AI (GAI) represents a substantial economic opportunity for Australia, with the potential to add tens of billions to the economy by 2030.
GAI, powered by deep neural networks such as Large Language Models (LLMs), enables the creation of novel content and contributes to automation, data comprehension, and analysis. This rapidly evolving technology can drive economic value through two main channels: improving existing businesses (through productivity and quality gains) and creating new products and services.
The second section of this report explores the opportunity of GAI for Australia through more tangible examples. It identifies four key sectors where Australia can succeed in creating value through GAI. These opportunities are healthcare, manufacturing, retail and professional services.
This report argues that capturing the economic potential of GAI requires leveraging Australia’s comparative advantages and strategic actions by industry and government.
Read the full report here: https://techcouncil.com.au/wp-content/uploads/2023/07/230714-Australias-Gen-AI-Opportunity-Final-report-vF4.pdf
