Australia has invested modestly in AI literacy through initiatives like the federal government’s AI Action Plan, micro-skills programs and school pilots, but efforts remain limited, fragmented and underfunded compared to global peers. Coverage is patchy, with regional and disadvantaged communities at risk of being left behind. Without stronger action, AI could worsen inequality, displace mid-career workers, and undermine competitiveness.
More ambitious measures are needed: integrating AI literacy into school curriculums, expanding subsidised retraining, ensuring equitable access to technology and setting clear national targets. Without drastic steps, Australia risks falling behind economically and socially in the AI era.
The ANZ and NAB announcements are, in effect, a preview of a larger structural adjustment looming over the labour market. They show how AI will not just alter tasks but redefine the very geography of work, shifting jobs offshore while concentrating value at the top. For employees, communities, and governments alike, the message is clear: the future of work is already here – and the time to grapple with its consequences is now.
Shumi Akhtar is an Associate Professor of Finance at the University of Sydney Business School.
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