AI Adoption Could Add $93 Billion to Australian Economy

The Tech Council of Australia released a report stating that broad adoption of artificial intelligence by small and medium-sized businesses could inject $93 billion into the national economy. The research indicates that the average small business could achieve yearly productivity gains of $136,000 by automating administrative tasks such as payroll and rostering.

Despite these potential gains, only one in four small businesses currently use AI, and only five percent use the technology broadly. Among those who have adopted AI, 94 percent reported productivity improvements and 54 percent of employees reported higher job satisfaction. Barriers to wider adoption include security concerns, limited understanding of the technology, and uncertainty regarding return on investment.

Tech Council CEO Kate Cornick noted a significant gap between the potential of AI and current usage, particularly in regional areas, and called for targeted government and industry support. Ben Thompson, CEO of Employment Hero, highlighted that AI can reduce the administrative burden on small business owners, specifically regarding payroll, superannuation, awards, and compliance.