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Limited AI investment in Australia hampers its global potential, impacting AI Australia initiatives.

The Financial Review has reported that the low adoption of AI is hurting Australia in the global field. Calls on the urgency on AI investment or risk missing out on opportunities and talent, making Australia falling behind other territories and risk becoming a low-skilled economy.

AI adoption is one leading indicator of global competitiveness especially for developed markets. One of the main indicators for the ability to attract investments as well as retain and attract talents. AI investment in Australia is lagging compared to other locations. The statistics from Stanford University’s AI Index Report of 2021, indicates that Australia’s private investment in AI is valued at around $US300million in 2020, a small fraction of the private investment happening in other jurisdictions.

AI adoption is one leading indicator of global competitiveness especially for developed markets. One of the main indicators for the ability to attract investments as well as retain and attract talents. Australia is lagging compared to other locations. The statistics from Stanford University’s AI Index Report of 2021, indicates that Australia’s private investment in AI is valued at around $US300million in 2020, a small fraction of the private investment happening in other jurisdictions.

 

The US invested $US23.6 billion and China at $US9.9 billion, while UK invested $US1.9billion.

According to The Financial Review it’s not a matter of desire-or the lack thereof as there is appetite to invest. However, there is confusion around what is possible and how to access resources to make such investments possible especially for small to mid-sized businesses.


SME’s are hungry for AI but need more guidance and support. This is where and how organisations like AI Consulting Group can provide assistance to SMEs to provide independent advice on what’s possible.

AICG’s Data and AI practice manager, who works with clients to understand, plan, and implement AI solutions into their operations highly suggests identifying a problem to solve and solving it well using AI. Iterating that now’s the excellent time to make those strategic investments to keep ahead of the competition.

 

“AI is available in so many places but we often find that the biggest ROI is just in the simplest problems,” Anandakumar says.

 

The barriers to investment in AI will always be present but can be overcome by private and public coordination.  

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