The divide between people who earn income from investments and those who work for a living could be exacerbated by the artificial intelligence revolution, economists at Australia’s largest business lender warn. While the adoption of AI is expected to boost productivity, without policy intervention the benefits...
More and more Australians are finding artificial intelligence so useful they are willing to pay for it. An analysis of 8.3 billion Westpac customer credit card and debit card transactions has found more than 150,000 retail customers in March paid for at least one AI subscription...
Despite some progress and a world-class superannuation system, retirement remains a source of financial anxiety for many Australians, according to a new report highlighting the value of financial advice. Just 51 per cent of Australians feel prepared for retirement, according to the third annual Rethinking Retirement...
Australia’s economy slowed significantly despite surging data centre investment, but interest rate rises and the effects of the Iran war mean a downturn may be inevitable. Gross domestic product grew at 0.3 per cent in the first three months of the year, down steeply from the...
Australia’s peak artificial intelligence safety agency will operate on a fraction of the funding provided to similar organisations overseas, a senate committee has heard. But the minister in charge of the newly established body has defended its capability, saying it would have comparable features to its...
Contentious changes to taxes on property investments won’t be the main driver of expected falls in prices, the housing minister says. As auction clearance rates hit lows not seen since the COVID-19 pandemic, Clare O’Neil said it was unclear how much the planned changes to negative...
Start ups and small businesses will be forced to wait longer to find out if they will get special treatment from looming tax changes, as the government looks to enact the measures within weeks. Measures in the federal budget limiting negative gearing to new properties from...
Workers facing the threat of artificial intelligence-driven job losses are set to be protected under a multimillion-dollar state government rescue package. The Victorian government on Sunday unveiled the $14 million plan which includes $8.2 million for a career rescue scheme designed to support workers in at-risk...
Australian businesses are under fire from both sides as conflict in the Middle East drives up prices and weakens demand. After first lighting a fire under fuel costs, the impacts of the US-Israeli-led war in the Middle East have begun flowing through the rest of the...
The race to build data centres in Australia could force household electricity prices up by as much as 26 per cent within a decade, a study has found. The artificial intelligence hubs could also use as much electricity as all homes in the state of Victoria...