Generative AI and the future of work in Australia

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Summary

● McKinsey’s report examined the potential impact of automation on Australia’s economy, emphasizing the need for rapid adoption and social inclusion.
● Gen AI emerged as a significant force by 2023, accelerating automation capabilities and transforming the future of work in Australia.
● Up to 1.3 million workers in Australia may need to transition to new occupations by 2030, with changing demands and potential occupational shifts.
● Skill building and continuous learning may be crucial for navigating the changing job landscape, with greater demand for social, emotional, and technological skills.
● Assuming all factors are in place, gen AI has the potential to increase labor productivity in Australia, offering opportunities for faster economic growth and higher-wage jobs.

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