Australia is at risk of losing competitiveness in the global AI (AI) race unless it takes urgent action, warned Atlassian co-founder and billionaire tech entrepreneur Scott Farker. Speaking at the National Press Club, Farquhar described AI as a “great industrial revolution” and said Australia is not investing properly in research, infrastructure and policy reform. He urged both governments and industry to treat AI as an economic priorities, claiming that if used effectively by 2030, it could reach $115 billion a year in the national economy.
AI could add $115 billion to Australia's economy
Farquhar highlighted the immense economic opportunities offered by AI, saying that by building on existing infrastructure, Australia could generate $115 billion a year by the end of the decade. He pointed to the potential to transform sectors such as healthcare, logistics, education and customer service. This has strengthened productivity and global competitiveness.According to Farquhar, Australia's geography and land availability is well positioned to become a global hub for AI data centres. These facilities are important for processing the vast amount of data that AI needs and can play a central role in the AI economy in the Asia-Pacific region. However, he warned that he would realize that this possibility would require prompt action and government support.
Seek copyright reform to enable AI training
One of Farquhar's main policy recommendations was to reform Australia's copyright laws to allow exceptions to text and data mining (TDM). That's what the US and Europe have already allowed. These legal changes will allow AI models to train more efficiently on large datasets, allowing industry-wide innovation and product development to accelerate.Tackling concerns that AI will replace human work, Farquhar acknowledged that moving jobs is inevitable, but emphasized that such changes have historically led to national advancements. Drawing comparisons from steam to train transitions, he argued that adopting change would lead to long-term benefits if Australia was intellectually adapted.
Wake-up calls to policy makers and industry
With the economic roundtable on productivity scheduled for August, Farker's remarks serve as a timely warning. He urges the Albanese government and Australian companies to prioritize AI development before opportunities flee, claiming that the country still has “to play for everything” in the world's AI races.
