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Tim Toohey from Yarra Capital recently warned that if AI is “deployed at scale in Australia over the next two years”, then the nation’s unemployment rate could rise to over 6%, up from 4.3% currently.
The latest Mercer survey of Australian senior executives, human resources personnel, and employees also revealed that 100% of HR managers believed their company would reduce headcount due to AI within two years, with 60% believing that one in five jobs would be lost to AI.
The impact of AI is already causing the most significant pain in the graduate employment market, according to Nina Hendy, a business and finance journalist at The Age.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.