Building Tomorrow: Preparing Australia for the Age of AI

Australia is drifting into the age of AI. 

While large technology companies and global economies are investing billions of dollars into data centres, Australia has only committed to developing a National AI Capability Plan by the end of 2025.  

In Building Tomorrow: Preparing Australia for the Age of AI, data science actuary Jon Shen argues that Australia is at a critical junction, as we seek to keep pace with the rapidly evolving global AI landscape.  

In brief: 

• Australia faces a severe lack of AI expertise, with the talent gap projected to double to 40,000 in 2027, which is slowing down adoption and implementation. 
• Significant infrastructure investment is needed to prepare for future AI demand, enable data sovereignty in line with privacy legislation and regulatory requirements, and support the transition to sustainable energy. 
• Investment in whole-of-society AI literacy is a critical enabler for the age of AI, requiring education across schools, the workforce and broader society. 
• The business case for launching an AI initiative should consider both upfront and ongoing costs, including financial outlays, time and staff needed, and risk controls required to ensure system resilience. 

Dialogue Papers are a series of papers written by actuaries and published by the Actuaries Institute which aim to stimulate discussion on important, emerging issues. Opinions expressed in this publication are the opinions of the Paper’s author and do not necessarily represent those of the Institute.