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Most countries in the world have rushed to embrace artificial intelligence (AI) to enhance their diverse marketplaces, and Australia is no different. In fact, a recent talk by Microsoft chief executive Satya Nadella (one of the tech world’s most prominent and influential individuals) focused heavily on Australia’s potential role in this industry. He honed in on Australia’s strengths in app development and data center operations and punctuated his point by saying:
“We should not take too much for granted that whatever is the current AI regime is the only real regime going forward. Whether it’s in Australia or whether it is in any country – even in the global south – quite frankly, I think [anyone] has a shot at being able to innovate, sometimes on top of existing models or maybe completely a new model architecture.”
Australian site 9News recently reported on the projected top 15 fastest-growing skills in the country. AI literacy sat at the top of the list alongside soft skills like 'time management' and 'problem-solving.' This entry stated that the 'hiring of AI talent has surged by more than 240%' over the last eight years in Australia and that AI specialists like data scientists, prompt engineers, and machine learning experts have helped fuel this massive surge.
Furthermore, the Australian Bureau of Statistics (ABS) reports significant growth in professional, scientific, and technical service industries over the next few years. This includes projected earnings of over $80,000 million, with substantial leaps in AI-related markets. For a country so focused on technological growth and advancement, these improvements highlight pretty significant opportunities for artificial intelligence fields like those listed below.
In recent years, Australia has emerged as one of the biggest and most respected data center nations in the world. With a growing demand for cloud computing, ecommerce, cybersecurity, artificial intelligence, machine learning, and software-as-a-service (SaaS) erupting around the world, Australia’s vast size and welcoming tax laws have helped firms like Optus, TPG Telecom, IBM, Microsoft, Cisco, and Dell lay down business roots here for the long haul. Key market drivers for this boost include digital transformation initiatives, high-quality 5G tech throughout the country, and increasingly high internet penetration rates, even in more distant areas.
Australia’s educational system has quietly become one of the best and most respected in the world, with a typical education ranking of 17, as reported by the World Population Review. That puts it well ahead of Canada (19) and the United States (31). Even better, the nation has seen continued higher-education enrollment as well, with a projected 8.9% compound annual growth by 2034. Artificial intelligence plays a huge part in this increase, as more and more Australians find themselves pulled into this market or using it to study and improve their learning experience
IBISWorld reports an annual Australian real estate service revenue of $30.4 billion annually, with around 168,000 employees and nearly 47,000 businesses operating in this sector. While falling mortgage affordability and fewer dwelling transfers did ding the market significantly, an increase in AI-related support may help this industry thrive. For example, renters could use AI chatbots to set up repair appointments or even pay their rent. Furthermore, automated image generation tools could use photos of an apartment or home to generate a realistic rendering for buyers.
Like in any major first-world country, the finance and insurance markets in Australia earn significant capital and often sit at the very vanguard of the industry in general. For example, Statista reports an annual gross value added (GVA) rate of around $165,000 million in these fields, making them some of the biggest in the country. But how do they use artificial intelligence? AI tools could help firms track investment trends, send automatic alerts based on market conditions, gauge insurance needs, and provide automated support for customers.
Imarc reports that Australia’s healthcare services market has a projected growth rate of around 6.32%. What’s influencing this massive increase? Primarily, the nation's geriatric population is rising. These individuals develop diabetes, cardiovascular conditions, cancer, and other aging-related issues at significant rates. Thankfully, artificial intelligence can support this market by providing real-time diagnostics assistance and support for patients, as well as safer treatment methods.
Australia’s vast economy is fueled by many tech hubs such as Sydney, Melbourne, and Brisbane, the nation’s largest cities. However, even relatively small towns may have tech-related startups that focus on or use artificial intelligence regularly. These fall not only within the industries mentioned previously but in a broad range of other tech-related markets, like:
According to Consultancy, Australia’s tech sector keeps growing almost exponentially, with a 26% jump between 2019-2020 and 2020-2021 alone. Currently, it’s the nation’s second-largest market ($169 billion, behind mining’s $205 billion). Much of this growth is focused on various artificial intelligence careers such as those listed below. Note: Most of the salary estimates provided here come from Indeed, specifically the Australian site, to provide accurate listings.
PWC reports a 17% wage premium for AI-related jobs in Australia. This jump includes a 450% increase in AI-related job postings across the country. Later in their report, PWC noted a potential for 25-40% increases in generative AI adoption in industries like technology, media, telecommunications, financial services, consumer, and energy. Individuals in these markets should double down on AI training and execution to avoid falling behind.