SYDNEY (Reuters) -Australia’s central bank is exploring how emerging technologies like artificial intelligence could influence the economy, with possible implications for inflation and the labour market, its governor said on Wednesday. In a speech in Perth, Reserve Bank of Australia (RBA) Governor Michele Bullock said there was a lot of uncertainty about how the technological […]
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Australia’s central bank exploring how AI can affect economy, governor says
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SYDNEY (Reuters) -Australia’s central bank is exploring how emerging technologies like artificial intelligence could influence the economy, with possible implications for inflation and the labour market, its governor said on Wednesday.
In a speech in Perth, Reserve Bank of Australia (RBA) Governor Michele Bullock said there was a lot of uncertainty about how the technological change will affect the economy, but policymakers needed to be alert to different possible impacts.
“Technological change has always reshaped the labour market, and AI is no exception,” said Bullock. “While many experts anticipate a net increase in jobs, it is likely to be more nuanced: some roles will be redefined, others might be displaced, and entirely new ones will be created.”
She added that central bank itself has been boosting its AI capabilities by acquiring the first enterprise-class graphics processing unit (GPU), which will allow it to develop AI-driven analytical tools.
“To be clear, we are not using AI to formulate or set monetary policy or any other policy,” Bullock said.
“Instead, we are looking to leverage it to improve efficiency and amplify the impact of staff efforts in areas such as research and analysis.”
(Reporting by Stella Qiu; Editing by Kim Coghill)