Aug 31, 2026 – 10.30pmJim Chalmers says artificial intelligence will transform the Australian economy, boosting productivity and creating higher living standards, but Treasury has warned businesses and governments must match the swift AI adoption of the United States to reap the benefits.Most of the economic gains from AI will come from importing the emerging technology from overseas and embedding it in business practices, Treasury says, even as the Albanese government attempts to develop a domestic AI industry beyond data centres.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
AI the ‘biggest economic transformation in our lifetime’: Chalmers
A Treasury report says Australian businesses must be prepared to move fast around AI adoption if they want the benefits of increased productivity and living standards.
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