Swift Action for Success: Scott Farquhar's Five-Step AI Strategy for Australia's Progress
In a speech at the National Press Club in Canberra, Scott Farquhar, the Chair of the Tech Council of Australia (TCA), outlined a five-point plan to accelerate Australia's position in the artificial intelligence (AI) sector and boost productivity.
Farquhar, a co-founder of Atlassian, emphasised the importance of treating AI as an economic priority. He urged the government and industry to invest heavily in AI research and innovation, highlighting that AI could add an estimated $115 billion annually to the Australian economy by 2030 if leveraged effectively.
The first recommendation from Farquhar was for the federal government to establish a national strategy to fast-track approvals for data centres, attract investment, and host 'digital embassies' for select countries. This move, he believes, would position Australia as a regional AI hub and facilitate the nation's participation in the game-changing AI economy.
Farquhar's second ask was for the Australian Attorney General to amend the Copyright Act of 2014 to unlock billions of dollars of potential foreign investment. He also called for the government to adopt API interfaces to automate workflows and remove bottlenecks in various government processes.
Investing significantly in AI research and infrastructure was the second key aspect of Farquhar's plan. He highlighted that Australia is currently falling behind globally in AI investment and stressed the need for new funding and support for AI-related technologies and innovation infrastructure.
Positioning Australia as a global hub for AI data centres was the third point in Farquhar's plan. With Australia's favourable geography and land availability, he sees the potential for Australia to become a critical data centre hub serving the Asia-Pacific region’s AI economy.
The fourth point focused on speeding up government policy reforms and regulation. Farquhar emphasised the importance of government leaning in with supportive policies that enable rather than hinder AI development and commercialization.
The fifth and final point was to leverage existing infrastructure to boost productivity. Farquhar suggested building on established tech and innovation platforms to accelerate productivity growth that has stagnated in Australia over the past decade.
Farquhar also urged ministers, governmental departments, and agencies to lead by example and treat AI as core economic infrastructure. He was accompanied by his wife, parents, friends, Atlassian co-founder Mike Cannon-Brookes, tech colleagues, Tech Council board members, and a room full of journalists.
The federal government is focused on driving productivity, particularly in the context of reinvigorating outdated digital infrastructure. The Productivity Commission has called for reductions in regulation to facilitate economic dynamism. A report highlighting how to harness data and digital technology is expected next week.
Parliament House will host an economic reform roundtable focused on resilience and productivity on August 19. Dr Andrew Charlton, Australia's Assistant Minister for Science, Technology and the Digital Economy, has emphasized the importance of digitization and growth in the tech sector for future prosperity.
Farquhar's call for urgent, coordinated action across these fronts comes as the tech industry grapples with the seismic AI shifts that are taking place. Kassabagi has emphasized the importance of understanding these shifts and translating Australia's advantages into action through a clear national strategy, investment in infrastructure, and stronger partnerships between government and industry.
- To boost productivity and stimulate the AI economy, Farquhar suggests the Australian government should treat AI as core economic infrastructure, following the lead of ministers, governmental departments, and agencies.
- In his five-point plan, Farquhar calls for investing significantly in AI research and infrastructure to catch up with global AI investment and support the development of AI-related technologies and innovation.
- To position Australia as a global hub for AI data centers, Farquhar proposes establishing digital embassies for select countries, attracting investment, and leveraging the country's geography and land availability, serving the Asia-Pacific region's AI economy.
