Australia will develop a National AI Capability Plan to grow its AI industry and boost competitiveness. The initiative focuses on upskilling, attracting investments, and fostering innovation, according to Minister Ed Husic.
Plan to Make AI Industry Grow
Australia’s government will be creating a National AI Capability Plan to examine how it can expand the country’s artificial intelligence industry in response to demands to enhance its competitiveness in the rapidly expanding sector.
Ed Husic, the Minister for Industry and Science, announced in a statement on December 16 that the plan would evaluate methods to fortify the nation’s AI ecosystem by promoting innovation, inviting investment, and upskilling the workforce.
“This plan will look to harness our AI know-how to secure our supply chains and strengthen our critical infrastructure,” he said.
“We will work closely with firms, and with communities and workers, to drive investment in our AI capabilities,” Husic added,
Husic stated that the government agency will evaluate the effectiveness of current state and federal support mechanisms in facilitating or impeding Australia’s AI industry as part of the review.
The review will also examine methods for enhancing AI literacy and upskilling the local workforce through training and re-training. At the same time, Husic asserts that there will be an emphasis on the identification of research and innovation areas in both universities and enterprises.
The Australian Government Department of Industry, Science and Resources estimates that there are approximately 650 AI enterprises in the country at present. By 2030, it is anticipated that AI and automation will contribute hundreds of billions to Australia’s GDP annually.
Following a public and targeted consultation period, the National AI Capability Plan is anticipated to be completed by the end of 2025.
Nevertheless, there are those who contend that the timelines are excessively lengthy for the rapidly expanding industry, which is projected to reach $826 billion globally by 2030, according to Statista.
A National AI Capability Plan is a positive development, according to Simon Bush, CEO of the Australian Information Industry Association (AIIA), the nation’s foremost organization that advocates for the communication and technology sector. However, Bush believes that the timeline should be expedited.
Bush stated in a statement on December 16 that the review deadline should be July 2025. He argues that the current deadline would result in funding not being received until at least 2027, which he deems to be an excessively lengthy period of time in the rapidly evolving AI landscape.
“Australia has been a slow adopter of AI across its economy by global standards due to adoption concerns and fears,” he said.
“Australia requires a balanced approach to both ensuring AI regulation and guardrails protect citizens but also having industry policy that supports AI innovation, investment and adoption,” Bush added.