Australia’s central bank is examining how artificial intelligence and other emerging technologies could shape the country’s economy, with possible effects on inflation and the labour market, according to its governor Michele Bullock.
Speaking in Perth, Bullock said there remains significant uncertainty about the scale and direction of technological change, but it is important for policymakers to consider the potential consequences.
“Technological change has always reshaped the labour market, and AI is no exception,” Bullock stated. “While many experts anticipate a net increase in jobs, it is likely to be more nuanced: some roles will be redefined, others might be displaced, and entirely new ones will be created.”
Bullock noted that the Reserve Bank of Australia has also been strengthening its AI capabilities by acquiring its first enterprise-class graphics processing unit. This technology will support the development of AI-driven analytical tools aimed at improving efficiency.
“To be clear, we are not using AI to formulate or set monetary policy or any other policy,” she explained. “Instead, we are looking to leverage it to improve efficiency and amplify the impact of staff efforts in areas such as research and analysis.”
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
