The Australian Government has announced the development of a new National AI Capacity Plan aimed at driving the growth of the local AI industry. The plan focuses on fostering investment, strengthening the country's AI capabilities, increasing the AI skill level of the workforce, and ensuring the resilience of the country's economy and supply chain. Delivery is scheduled for around the end of 2025, but there are already calls for that date to be brought forward.
The Australian Government announced yesterday that it will begin developing a new national artificial intelligence (AI) capability plan to drive the country's economic and productivity growth. The development of this plan will be led by the Ministry of Industry, Science and Resources.
Minister of Industry and Science Ed Husik said the plan focuses on coordinating government policies to optimize the growth of the local AI industry and has four main goals: Ta.
Expand investment in AI. Strengthen the country's AI capabilities. Improve your AI skills. and ensure economic resilience.
The government said there were already around 650 AI companies in Australia. But with this new plan, it hopes to ignite the industry and significantly increase that number by 2030 to avoid being left behind in the competitive global AI field.
The plans are expected to be finalized in late 2025 following a public and targeted consultation period.
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Minister says plan complements other government measures on AI
Over the five years to the end of 2023, more than A$5 billion of foreign investment has flowed into Australia's AI industry, with A$2 billion of venture capital funding flowing into Australia in 2023 alone.
However, the government says these are preliminary figures and expects the AI industry to contribute A$600 billion to the country's annual GDP by 2030.
Part of fostering this growth, the government said, will include reviewing “how existing state and federal government support mechanisms work together to hinder or enable Australia's AI ecosystem.” It states that it will be possible. Minister Husic said this process will include close consultation with all key stakeholders to arrive at the best solution to foster the growth of the industry.
We will work closely with businesses, communities, and workers to drive investment in AI capabilities.
Minister of Industry and Science Ed Husich
However, this doesn't just mean increasing investment; it also means upskilling employees to take full advantage of AI technology.
Expanding investment in AI [sector] It will revitalize the industry and create better paying jobs.
Minister of Industry and Science Ed Husich
Minister says AI plan will secure supply chain
Minister Husic also maintained that the new plan would go some way to ensuring the safety and resilience of Australia's critical supply chains, an issue that has come to the fore in the midst of the coronavirus pandemic. The incident attracted a lot of attention due to the large-scale confusion that occurred.
The plan aims to leverage AI know-how to protect supply chains and strengthen critical infrastructure.
Minister of Industry and Science Ed Husich
Husick said the plan aims to fund around A$500 million worth of AI, computer vision and machine learning projects through the National Recovery Fund and R&D tax incentives, and to achieve that objective. It also complements the government's existing efforts, such as the AI Implementation Center. For improving the skills of small and medium-sized enterprises.
Given that blockchain and AI technologies are increasingly intertwined, this plan could also support the growth of local AI-based crypto projects and perhaps even extend beyond that to the broader industry. .
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Industry leaders say planning should happen sooner.
Simon Bush, CEO of the Australian Information Industry Association (AIIA), the peak body representing Australia's communications and technology industry, said the announcement was welcome but needed to happen sooner. He said that there is.
He said Australia had been slow to adopt AI technology compared to global standards and as a result was now a latecomer.
Australia has been slow to implement AI across its economy by global standards due to adoption concerns and concerns. Australia needs a balanced approach to both ensuring public protection through AI regulation and guardrails, as well as industry policy that supports AI innovation, investment and adoption… This plan is an important step in the right direction as we lag behind many international competitors in adoption and adoption.
Simon Bush, CEO, Information Industry Association of Australia
President Bush called on the government to move up the timeline for finalizing the plan from the end of 2025 to July 2025, citing the urgent need to stimulate the industry.
The review process is scheduled to conclude at the end of 2025, and the government's response is likely to occur after the 2026 budget cycle, meaning no funding will flow in until at least the 2027 budget… We strongly urge you to bring it forward. The deadline is July 2025, when recommendations for the medium-term economic and fiscal outlook for 2025-2026 will be considered.
Simon Bush, CEO, Information Industry Association of Australia
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