What 10% unemployment due to AI could mean for housing and banking

One of the most fascinating questions posed by the artificial intelligence revolution is: what would the Australian economy look like if unemployment were to hit 10 per cent?

While such a spike in the jobless rate is hardly unthinkable – unemployment hit almost 11 per cent in 1993, during the recession we had to have, and spiked very briefly to 7.5 per cent during the COVID crisis – Australia’s impressive long-term record of steady (if unspectacular) economic growth means these moments have faded from the collective memory.

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