The Tech Council thinks AI can help defuse the 'ticking time bomb' in Australia's economy
Australia’s productivity growth is languishing. Tech Council of Australia CEO Ryan Black thinks the tech sector holds the solution.
The Tech Council of Australia is urging the federal government to take a measured approach to regulating artificial intelligence, based on a belief that the rapidly evolving technology can play a critical role in reigniting stagnant productivity growth across the economy.
Speaking to Capital Brief ahead of the federal budget in May, TCA chief executive Ryan Black described the 60 year low in productivity growth as a "ticking time bomb" for Australia but said the technology industry could play a critical role in defusing the threat.
"If we don't address it, then we'll be leaving Australians to a future of lower living standards. We don't think that there's a credible plan for productivity without a focus on technology,” he said.
Black also warned against changes to sophisticated investor rules, which could deprive startups of much needed capital, and called for an easing of barriers to foreign investment in Australia.
