Australia, which has experienced three decades of uninterrupted economic growth, will now need to explore the potential of automation in order to boost productivity to rekindle sustainable economic growth.
The results have been the envy of the world, prompting The Economist magazine to proclaim Australia the world’s “most successful rich economy” in 2018.
The nation currently boasts the highest median income and wealth in the G20, the highest human development levels, and is home to three of the world’s ten most liveable cities.
McKinsey estimates the scale-up of automation across the economy will be disruptive, “just as other technology adoptions have been disruptive in the past”, helping to drive a renaissance in productivity, income and economic growth.
“If seized, this opportunity could add $1.1 trillion to $4 trillion to the economy over the next 15 years, providing every Australian with $4,000 to $11,000 in additional income per year by 2030.”
“Achieving these benefits depends on ensuring displaced workers can get new jobs.”
“The economy will adjust, however, and new jobs will flow from the higher productivity that automation generates, as well as other trends including rising consumer incomes, greater health spending on ageing and infrastructure investment.”
Google’s 2017 report, The Automation Advantage, noted that automation could add $2.2 trillion to the Australian economy over 15 years by raising productivity and creating jobs that are safer and more satisfying, as long as there is a strong policy framework to protect vulnerable workers.