Artificial intelligence is having a significant impact on our daily lives, from changing how we work to accessing services that we purchase. Lawyers are using the technology to assess cases, saving time and money. Hicksons is using it to redact personal details of people contained in thousands of documents.
"AI is now able to assist with that job and find the items faster and also point them out to the junior lawyers so they'll actually learn faster too," Hicksons partner David Fischl said. The Federal Court is also embracing the technology but insists it must be used responsibly. In the insurance sector, comparison website Compare Club says AI is helping customers find the right coverage faster. Superannuation's not escaping the rise of the robots either and is looking at how the technology can help members. Peak body, ASFA, wants to automate elements of financial planning, so far only done by humans. "The exciting thing might be that AI might be able to help them decide what next step to take," ASFA chief executive Mary Delahunty said. But the gap between what AI is doing and what it could be doing is concerning government sponsored networking firm Asialink Business. Its chief executive Catherine Mudford says "Australia has some bold and innovative thinking and it's really time to move." The government says it's working to ensure the technology creates good jobs, not threaten them. Businesses are keen to evolve.
According to employment website SEEK, demand for AI-related skills has increased 80 per cent since 2024. But the shift to AI is also coming at the cost of other jobs.
While official figures show the unemployment rate held steady in March at 4.3 per cent, economists warn it's set to rise from here. "I guess the challenge is that this may very well be the calm before the storm," HSBC chief economist Paul Bloxham said.
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