Here's a sneak peak at your future economy | The Business | ABC NEWS

Artificial intelligence is set to become an integral part of the Australian economy. From robots to supercomputers, we are processing information faster than ever, and it is set to revolutionise the economy. Across everything from the technology sector to education, health care, and professional services, AI promises to reshape commerce and industry. "It's the biggest gold rush possibly in the history of capitalism," says scientia professor of artificial intelligence at the Department of Computer Science and Engineering at the University of New South Wales, Toby Walsh. The investment in AI has been so incredible and unrelenting that analysts believe there are trillions more dollars globally waiting to play a role in the rollout of AI over the coming decade. Managing partner for IBM Consulting in Australia, David Ellis, says we have been given a glimpse into Australia's future economy, "supported by digital workers".

The Australian Finance Industry Association — the peak body for the financial sector — has modelled AI's contribution to economic growth in the years ahead. It found that "scaling", or expanding, the use of AI — just in that industry — could add up to $60 billion to gross domestic product (GDP) over the next decade. The Reserve Bank of Australia's chief economist, Sarah Hunter, says there is no way to quantify, just yet, exactly how much artificial intelligence will add to economic growth in coming years. That "powerful technology", IBM says, will infiltrate just about every part of the economy over the next decade. Mr Ellis says knowledge workers — such as lawyers, consultants, or anybody who relies on experience or pattern recognition in their roles — would become more productive with AI than they were without it. This also applies across sectors of the economy that rely, to a large extent, on pattern recognition. But achieving what is possible, UNSW's Toby Walsh says, needs more investment.

Dan Ives, managing director and the senior equity research analyst covering the technology sector at Wedbush Securities, says he is hopeful the financial, as well as lifestyle, gains from AI will eventually filter down across all sectors of the economy, including households. A widespread boost to productivity resulting from successful AI applications is something the Reserve Bank says it would welcome with open arms.
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