Hunter sees AI adoption reshaping Australia's economy
Artificial intelligence is changing business and household activity as adoption spreads, Reserve Bank of Australia Assistant Governor Sarah Hunter said. She cited growing investment alongside unresolved questions about security, privacy, governance and trust.
Adoption spreads beyond experimentation
Sarah Hunter, Assistant Governor (Economic) of the Reserve Bank of Australia (RBA), said artificial intelligence is attracting investment and interest both globally and in Australia.
Australian firms and individuals are experimenting with the technology and rapidly adopting it.
Hunter described changes to the economy and society as AI spreads across businesses and households.
The opportunities are becoming clearer, she said, but so are the risks and uncertainties.
Her speech at the UBS Australasia Conference in Sydney framed the pace and breadth of adoption as raising fundamental questions for societies and governments around the world.
Security and trust remain unresolved
Hunter identified security, privacy, governance and trust as questions raised by the nature of AI technology.
Her opening remarks described adoption and experimentation rather than quantified economic outcomes.
The supplied extract includes no estimates of productivity gains, employment effects or inflation consequences, and no monetary policy recommendations.
It refers to a graph on Australian adoption, but the accompanying numerical data are not included.
Adoption is not an impact estimate
Hunter describes AI diffusion, not a measured macroeconomic payoff.
The supplied remarks pair emerging opportunities with unresolved risks and uncertainties.
They provide no quantitative basis for judging how cheaper intelligence affects growth, jobs or inflation.