Preparing Australia's workforce for Generative AI

Preparing Australia's workforce for Generative AI

clock

21.03.2024 - 04:06

WorkforceTechnologyGenerative AIAI

Our new research ‘Preparing Australia’s workforce for Generative AI’ in partnership with LinkedIn, examines the potential influence generative AI could have on Australia’s workforce. Our report finds that generative will transform the workplace for 7.2 million Australians by creating opportunities for productivity gains. The influence of generative AI is expected to vary significantly across industries, with the effect expected to be greatest amongst service-related sectors, which are also large sources of employment in Australia.

Generative AI will change the skills composition of Australian workers

Generative artificial intelligence (AI) has emerged as a new technology and tool at the disposal of everyone. It is a subset of machine learning using foundation models that specialises in generating output based on training data and user input.

To identify the potential impact of generative AI on the Australian workforce, we have leveraged LinkedIn's Economic Graph data to understand what skills could be replicated by generative AI and what skills would need to be performed by a human but could be complemented with generative AI. Based on this skills-based framework, jobs can be classified into three categories: (1) Augmented: jobs where the core skills include a large share of both GAI-replicable and GAI-complementary skills; (2) Disrupted: jobs where the core skills include a large share of GAI-replicable and a relatively low share of GAI-complementary skills; and (3) Insulated: jobs that have a relatively small proportion of GAI-replicable skills in their core skills.

portableText image

Generative AI will transform the workplace for 7.2 million Australian workers by creating opportunities for productivity gains

There are 7.2 million workers who will need to re-skill and adapt to the potential opportunity that generative AI presents.

portableText image

There are 3.3 million workers who will likely use generative AI to augment their work, while another 3.9 million will likely use generative AI to carry out more routine and predictable tasks to focus on greater value-adding activities.

Service-related industries are most likely to be influenced by generative AI – these industries are typically larger sources of employment

While the influence of generative AI is seen at the skills and occupation level, it will also have a varying degree of effect by industry.

portableText image

Industries that are most likely to be affected are service-related industries, which are typically larger sources of employment for Australian workers.

Read the full report here.

Read our latest posts

Superannuation and climate change: Better returns for a better climate
ClimateSuperannuation

Superannuation and climate change: Better returns for a better climate

Mandala's report, 'Superannuation and climate change: Better returns for a better climate' in partnership with Future Super, examines the economic impact of market failures in superannuation performance standards. It identifies opportunities to unlock long term economic uplift through reform of these standards. Climate change will reallocate capital across the economy. Australia’s $3.4 trillion of superannuation savings will be impacted by this transition and determined by Australia's policy settings. There is significant opportunity for regulatory reform that drives returns and facilitates a broader role for the superannuation industry within the transition to net zero – and more particularly to address the market failures and time inconsistency that emerge from current regulatory design choices. Such reforms would recognise the core responsibilities of superannuation and the economic and policy priorities facing Australia.

3 Apr, 2024

Preparing Australia's workforce for Generative AI
WorkforceTechnologyGenerative AIAI

Preparing Australia's workforce for Generative AI

Our new research ‘Preparing Australia’s workforce for Generative AI’ in partnership with LinkedIn, examines the potential influence generative AI could have on Australia’s workforce. Our report finds that generative will transform the workplace for 7.2 million Australians by creating opportunities for productivity gains. The influence of generative AI is expected to vary significantly across industries, with the effect expected to be greatest amongst service-related sectors, which are also large sources of employment in Australia.

21 Mar, 2024

Surf, Shop, Save
CompetitionRetailTechnology

Surf, Shop, Save

Our new report ‘Surf, Shop, Save’, commissioned by Amazon, explores how online channels have helped to lower the cost of living in Australia. Our report finds that online channels have helped reduce the cost of living pressures for Australians through cost-efficiency and competition effects. Since 2019, prices for online channels have been deflationary, while CPI has grown. When compared to each other, CPI has grown 10.5 percentage points more than prices for online channels for comparable categories of goods. During this time, online channels have also placed downward pressure on prices quoted by offline channels, helping reduce inflation by 0.7 percentage points during its peak in 2022. These effects saved Australian households nearly $3,500 on average since 2019.

28 Feb, 2024

Climate Risk Index for the Australian energy sector
ClimateEnergy transition

Climate Risk Index for the Australian energy sector

Mandala Partners (Mandala) in conjunction with Zurich Financial Services Australia (Zurich) has produced Australia’s first Climate Risk Index for the national energy generation sector. This report highlights the growing risk of climate change to the grid, how that risk is spread across the grid, and high-level options for mitigating those risks. More than 25% of Australia’s power generation assets are in the three highest categories for climate change risk.

20 Feb, 2024

Loading...