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AI could be a bubble and isn't yet lifting Australia's productivity, RBA's Bullock says
Key Takeaways
- RBA governor Michele Bullock said AI could be a bubble and that there is no evidence yet it is making Australia's economy more efficient.
- Bullock said central banks treat AI as the "great white hope" for productivity, but rapid adoption and datacentre investment are currently adding to inflation instead.
- She cited research from South Korea's central bank finding employees using AI produced the same output while working about 1.5 hours less per week.
- Comments came ahead of an expected interest rate rise next week, with Bullock also noting the house price slump was deeper than others in Australia's recent history.
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DT Editorial Team··via theguardian.com