The Australian Bureau of Statistics (ABS) has released a report on how AI will change the Australian economy and jobs by 2021.
The AI boom is expected to generate over $1 trillion in revenue by 2021, according to the report.
It’s estimated that over 100,000 jobs will be created in Australia by 2021 including high skilled jobs, new apprenticeships and skilled trades.
Australia’s AI boom could produce over $2.5 billion in revenue and create about 730,000 new jobs by 2020.
Currently, around 4.5 million Australians hold university degrees and the number of people with a university degree in Australia is expected rise to 8 million by 2021 with around one in five of those Australians holding a degree.
ABS said that around half of those new jobs would be in areas such as healthcare, healthcare software, manufacturing and services and the rest would be technical, financial, information technology and digital.
The report also said that AI could increase productivity in the Australian workforce and increase demand for skilled workers.ABS CEO David Chipperfield said AI is going to make Australia’s labour market more flexible, allowing for more skilled people to work more efficiently and efficiently.
“We’re looking at the potential for AI to reduce the number and complexity of people who have to make a choice between doing the job and working at a lower wage, and there are many ways of doing that,” Mr Chipperfe said.
“We are also looking at a number of ways of delivering better outcomes for our workers.”
Mr Chipper Felder said Australia could see up to 500,000 more jobs created in the coming years.
As part of its AI boom, the ABS also forecast the number one cause of job losses will be IT-related job losses.
The ABS report said that by 2021 more than half of the world’s total IT jobs will disappear, leaving the Australian population with fewer jobs than it did in 2015.
With fewer people to train, the job market for IT professionals is set to shrink and more people are expected to look for jobs in jobs that require technical knowledge.
At the same time, the number who will become self-employed is expected increase, according the report, which also forecasts the number will fall to around 100,0000 by 2021 and to less than 20,000 by 2022.
Backed by AI and AI companies, the Government is also planning to increase the amount of funding available for AI research and development, which currently funds about 2.5 per cent of the Australian GDP.