Zoe Engeman, 3 February, 2025
Artificial Intelligence (AI) is no longer a distant frontier—it's here, transforming industries, economies, and the way we work. Yet, as the world accelerates into this new era, is Australia keeping pace?
QUT Faculty of Business and Law Professor Marek Kowalkiewicz explores this issue. Drawing from his extensive experience and firsthand insights, he examines the challenges, opportunities, and critical steps Australia must take to remain competitive in the AI revolution.
At the World Economic Forum in Davos in January, where I joined global leaders from business, academia, and government, the message was unmistakable: artificial intelligence has evolved from future possibility to present-day revolution. Every session, every venue, and every corridor conversation centred on AI. Yet, while nations like Poland hosted dedicated AI venues, Australia's presence was notably limited—something I observed firsthand as one of the few Australian voices there.
While some Australian organisations are making strides—Telstra in customer service, NAB in operations, and Bunnings in in-store experience—too many are falling into a familiar trap. It's the same trap that claimed victims during the internet revolution. The rising tide of AI won't lift all boats. For every forward-thinking organisation, there are many more taking a dangerous "wait-and-see" approach. Meanwhile, our closest neighbour, Singapore, is racing ahead—tripling its AI workforce to 15,000, investing about AUD $1.2 billion in AI initiatives, and ranking second globally in AI readiness.
The opportunity is immense. The World Economic Forum projects that 170 million new jobs will emerge by 2030, driven by AI and the green economy. Yes, 92 million existing roles will be displaced, but the net gain of 78 million jobs will flow to those ready to embrace change. What's encouraging is that AI isn't just for large corporations. In my recent Harvard Business Review article, we documented how small and medium enterprises are using AI to level the playing field. Australian business owners are using AI to explore new markets, generate strategic scenarios, and even automate financial operations—all without massive investments in resources or personnel.
The reality is compelling: while government policies and significant investments matter, transformation often starts with individual actions. Every professional who embraces AI tools, every business that experiments with AI solutions, and every organisation that shares its AI success stories contributes to building Australia's AI capabilities.
The next few years will be crucial. Singapore's success shows what's possible when a nation commits to AI leadership. Australia has the talent, resources, and innovative spirit to match this ambition. The question isn't whether we should engage with AI—it is how quickly we can turn our potential into impact.
Don't wait for permission to innovate: From strategic planning to market analysis, AI tools are accessible today. Your next AI experiment could become Australia's next success story. At QUT's AI for Business Value Masterclass, we're helping professionals just like you turn this potential into practice.
Professor Marek Kowalkiewicz
Professor and Chair in Digital Economy at QUT Business School
For enquiries, please email Professor Marek Kowalkiewicz.
Author
Zoe is a marketing and communications professional and Alumni Communications Coordinator at QUT. She is also a proud alumnus with a Bachelor of Business (Marketing).