According to Cointelegraph, the Australian government is set to develop a National AI Capability Plan aimed at enhancing the country's artificial intelligence industry. This initiative comes as Australia seeks to improve its competitiveness in the rapidly expanding AI sector. Ed Husic, the Minister for Industry and Science, announced on December 16 that the plan will explore strategies to bolster the AI ecosystem by upskilling the workforce, attracting investment, and fostering innovation.
Husic emphasized the importance of leveraging AI expertise to secure supply chains and strengthen critical infrastructure. He stated that the government will collaborate closely with firms, communities, and workers to drive investment in AI capabilities. As part of the review process, the government agency will assess existing state and federal support mechanisms to determine their impact on the AI industry. Additionally, the review will focus on increasing AI literacy and enhancing the local workforce through training and re-training, while also identifying research and innovation opportunities across universities and businesses.
The Australian Government Department of Industry, Science and Resources reports that the country currently hosts approximately 650 AI companies. AI and automation are projected to contribute hundreds of billions annually to Australia's GDP by 2030. The National AI Capability Plan is expected to be completed by the end of 2025, following a period of targeted and public consultation. However, some industry experts argue that the timeline is too lengthy for the fast-evolving sector, which Statista predicts could reach $826 billion globally by 2030.
Simon Bush, CEO of the Australian Information Industry Association (AIIA), expressed that while the National AI Capability Plan is a positive step, the timeline should be accelerated. He suggested that the review deadline be moved to July 2025, as the current schedule could delay funding until at least 2027, which he considers too long for the rapidly advancing AI landscape. Bush noted that Australia has been slow to adopt AI across its economy compared to global standards due to concerns and fears surrounding adoption. He emphasized the need for a balanced approach that ensures AI regulation and safeguards protect citizens while also supporting AI innovation, investment, and adoption.