Funded by the Australian Government, NAIC was established to further develop the country’s AI and digital ecosystem.

Coordinated by national science agency and Melbourne Chamber member CSIRO, Australia’s AI Ecosystem Momentum report analysed the experiences of 200 information technology and business decision-makers and AI service providers to better understand AI adoption across businesses in Australia.

It found Australian businesses are using AI to grow revenue and improve efficiency, but implementation remains complex.

Key findings included:

• The top three benefits of implementing AI were improved security, greater revenue growth and increased cyber safety. Increased automation of internal processes and improved operational efficiency and effectiveness were also shown to be advantages
• Demand for AI products and services is high. Sixty per cent of respondents indicated they are accelerating and expanding their offerings to meet market demand
• Eighty per cent of businesses are expecting year-on-year growth due to technology-focused growth strategies
• Delivery of AI projects in Australia remains complex, with most respondents engaging at least four AI service providers to deliver an AI project. More than six providers were necessary for 28 per cent of respondents, while only 17 per cent worked with a single provider
• Privacy, security and data quality are challenges to AI adoption, exacerbated by talent shortages in Australia for implementing and operating AI systems.

The report encourages business leaders to develop and deploy responsible AI solutions in accordance with human and organisational values to ensure accountability and mitigate the risk of unintended consequences.

It is noted that between $1 trillion and $4 trillion could be added to the economy over the next 15 years if Australian sectors seize the opportunities provided by AI

Minister for Science and Industry Ed Husic said: “AI is one of those enabling capabilities that’s poised to transform industries, and we know the economic potential is there. But seizing that business potential will take some work, building awareness and working across businesses, large and small, to make that a reality.

“This report is timely, suggesting a more nuanced direction for AI in Australia and emphasising the importance of collaboration and having access to the right talent for businesses.”

Director of the National AI Centre, Stela Solar, said AI has evolved from a futuristic promise to a rapidly growing priority for business leaders across Australia.

“Our research shows Australian businesses reported an average revenue growth of $361,315 for each AI-enabled solution that was implemented, regardless of which part of the business these efforts were targeted,” Ms Solar said.

“Over 80 per cent of businesses surveyed expected their year-on-year revenue to grow, with technology at the centre of their growth strategies.

“Before they start thinking about working with external partners for their projects, business leaders should take the time to understand where AI can deliver benefits across their business.

To read the report, visit: https://www.csiro.au/AI-Ecosystem-Report

Responsible Artificial Intelligence Network

Following publication of the report, the NAIC launched the Responsible Artificial Intelligence (AI) Network, a world-first cross-ecosystem program bringing together experts, regulatory bodies, training organisations, and practitioners to focus on responsible artificial intelligence (AI) solutions for Australian industry.

The network will be the gateway for Australia’s industries to uplift its practice of responsible AI, bringing together a national community of practice, guided by world-leading expert partners, and enabling Australian businesses with best practice guidance, tools and learning modules.

The network is centred around six core pillars: Law, Standards, Principles, Governance, Leadership and Technology. More information is found via the CSIRO, which is co-ordinating the initiative.