As an economist, I’m interested in the role that technology plays in the economy – how it disrupts, enhances productivity and changes the way we live, work and play.

It appears in the questions people ask of me, too. Recently, one opportunistic investor asked: will the recent upgrade in NBN speeds decrease inflation and lead to lower interest rates? Unfortunately, for Australians hanging out for rate cuts, the answer is: not so much.

Illustration by Simon LetchCredit:

While inflation has moderated, it’s still running at 3.2 per cent, and our forecasts suggest there is no path to a rate cut this financial year.

Another question I’ve been asked is: how will artificial intelligence affect my job? It’s a question that is far more complex than it seems.

Most of the time, discussion of this topic is shallow and focused on the fear narrative of robots replacing people.

The truth is much more complex.

To examine the subject, we looked deeply at every occupation to understand how many tasks in that role could be replaced (what we call substitution) versus augmented (where AI helps employees work faster or more efficiently). We then mapped this against the ASX200 sharemarket index to identify companies and sectors that stood to benefit most from adopting this technology.

The results are both surprising and heartening for Australians who fear that robots are here to take their jobs.

While disruption is universal – only one in 1000........

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