Future of Work Report | Cisco Oxford Economics
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Automation, Artificial Intelligence (AI), and the Internet of Things (IoT) is having an impact almost everywhere, in all industries, jobs and everyday life. Given this pace of change, it is important to understand and anticipate what this means for the future: jobs, youth, government and society more broadly, so that everyone has an opportunity to participate in the digital economy.
Automation, Artificial Intelligence (AI), and the Internet of Things (IoT) is having an impact almost everywhere, in all industries, jobs and everyday life. Given this pace of change, it is important to understand and anticipate what this means for the future: jobs, youth, government and society more broadly, so that everyone has an opportunity to participate in the digital economy.
Our analysis suggests that 630,000 jobs could be displaced by new technologies over the next decade. This “displacement effect” equates to 7.3% of the country’s existing workforce. It represents the reduction in Australia’s overall employment level that could be accommodated while still generating today’s level of economic output in 2028.
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Our analysis suggests the main growth sectors for jobs over the next decade will be healthcare, wholesale and retail, and professional services. Across these three sectors, 280,000 new jobs will be created as a result of new technology’s income effect — 45% of the gross job creation over the next 10 years.9 Australia’s ageing population is a key driver of the growing demand for healthcare services, with the population aged 65-and-above predicted to grow by 34% over the coming decade, compared to 14% for the entire population. When the income effect is considered in relative terms, other sectors such as finance and insurance and IT and communication also rise to prominence
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