When Australia’s most influential voices in business, unions, government and academia meet at Parliament House this week for the Economic Reform Roundtable, the conversations on fiscal repair and economic resilience will dominate the schedule. But tucked inside the Session 3: AI and Innovation, may lie the critical change to productivity and industrial (IR) relations that happens without an official IR shake-up. 

The session will feature Robyn Denholm, chair of the Strategic Examination of Research and Development, an independent panel charged with advising the government on how science and research can bolster manufacturing, support national priorities, and strengthen Australia’s competitiveness. She will be joined by CSIRO chair Ming Long. While their recommendations remain unknown, the broader debate around AI’s impact on work is already intensifying.

The Jobs and Skills Australia Chief Commissioner, Barney Glover, noted that AI adoption is early and varies across industries, with many workers using tools independently in their work,” with grassroot adoption outpacing formal policy. Unions are pressing for a greater role in shaping the technology’s rollout, and recent reports suggest AI is more likely to augment roles than replace them outright, a shift that could redefine productivity without the upheaval of traditional industrial relations reform.

The Productivity Dilemma

The numbers are stark. According to Treasury data, Australia’s average productivity growth in the 2010s was the lowest in 60 years. In 2022, Treasury downgraded its long-run annual labour productivity growth assumption from 1.5% to 1.2%. And the 2023 Intergenerational Report warned that if that rate slips further to 0.9% per year, per-capita real incomes could fall by more than $10,000 over the next 40 years.

This is not simply an economic statistic; it is a direct threat to our living standards. As Michael Plumb, Head of Economic Analysis at the RBA, reminded an audience earlier this year, productivity is “how efficiently capital and labour are employed across the economy to produce goods and services.” That efficiency is the lever that determines our future prosperity.

AI’s Role in Rewriting the Equation

Across the Gold Coast and Australia, AI is already influencing workflows in ways both subtle and transformative. In the legal sector, Derek Cronin, Partner at Cronin Miller Litigation, notes that his firm is seeing efficiencies in “basis letter-writing” and marketing. However, he points out that the courts remain cautious of its utilisation in more formal legal  documentation and court proceedings. “The Courts are resistant to the use of AI and are starting to implement processes whereby lawyers actually have to confirm that they have not used AI in the preparation of documents. I think it is a ‘watch this space’ environment in the legal profession.”

In banking, the transformation is more assertive. Ash Wijey from Bendigo Paradise Point and Pimpama-Ormeau Community Bank explains that their use of AI is focused on accelerating loan decision time and enhancing compliance outcomes. The broader goal, he says, is not just to streamline application processing, but to anticipate customer needs more effectively.

Education may be where the long term impact of AI proves most profound. Jack Williamson, Vice-President (Strategy and Technology) at Southern Cross University, describes AI as “a profound shift that will redefine every profession,”. The university is actively integrating AI into its teaching model to ensure graduates enter the workforce “confident in their ability to use the technology with skill, creativity, and integrity.”

A National Imperative

The Economic Reform Roundtable’s AI session will not deliver an overnight transformation, but it has the potential to shape Australia’s long-term approach to emerging technologies, whether we remain cautious adopters or embrace being a leader. For young professionals on the Gold Coast, the message is clear: AI literacy is quickly becoming as essential as digital literacy was two decades ago.

After all, productivity isn’t an abstract chart in a government report,  it’s your next pay rise, your business’s growth trajectory, and your city’s economic future. This week in Canberra, we may be witnessing the first quiet steps toward a productivity revival, driven not by legislation, but by innovation.

Our Eighth Annual Entrepreneurs Forum, was nothing short of spectacular, bringing together some of our city’s most inspiring entrepreneurs. The event highlighted why the Gold Coast is quickly becoming Australia’s entrepreneurial hotspot, backed by fresh data showing we have the highest number of founders per capita in the country.

According to the latest report from OnDeck, the Gold Coast has a staggering 143.5 founders for every 10,000 users on professional social media platforms—72 percent higher than the national average. It’s clear to see that our city’s perfect mix of lifestyle, innovation, and opportunity is a breeding ground for start-up success.

Entrepreneurs Forum 2024 Speakers

With a line-up of four of the region’s most dynamic entrepreneurs, this year’s forum shined a light on why the Gold Coast is the place to be for start-ups and dream chasers.

The panel, moderated by our Vice President, Jacqueline Bojanowski, touched on the importance of perseverance, because success is a marathon, not a sprint, understanding customers who are, after all, the reason for your business, and maintaining a well-prepared investor network because funding doesn’t just fall from the sky.

The mastermind behind Outbound, Luke Rust, who has turned travel and transport logistics on its head, gave an insightful crash course in staying nimble and innovative in a world that’s always on the move.

Deb Farnworth-Wood, the brains behind Australian Skin Clinics, shared her rollercoaster journey of revolutionising the beauty industry, showing us all that with a bit of grit and a lot of customer love, anything’s possible.

The queen of craft beer from Burleigh Brewing, Peta Fielding, captivated the crowd with her tale of crafting a beer empire from the ground up. Her recipe for success? Community spirit and staying true to her brand.

Jason Atkins, the equity guru from Cake Equity, demystified the complex world of funding and financial growth. His ability to inject a dose of excitement into equity management left attendees feeling as though they had stumbled upon the best-kept secret of finance.

Ambitious, Connected, Healthy

As YP Gold Coast’s Entrepreneurs Forum grows, it continues to be the go-to event for celebrating local business talent and inspiring the next wave of business leaders. With our high concentration of founders and a business-friendly environment, the Gold Coast is set to continue its rise as Australia’s entrepreneurial hotspot.

The 2024 forum was a celebration of what makes the Gold Coast great: our people, our ideas, and our passion. With trailblazers like Luke Rust, Deb Farnworth-Wood, Peta Fielding, and Jason Atkins leading the charge, the future looks brighter than ever for Gold Coast entrepreneurs.

So, here’s to another year of innovation, growth, and success on the Gold Coast! Cheers to the entrepreneurs who are putting our city on the map, one brilliant idea at a time.

The Gold Coast, renowned for its pristine beaches and vibrant lifestyle, is facing a mounting challenge: a severe shortage in affordable housing supply, leaving young professionals in the lurch. As demand continues to surge, the gap between supply and demand widens, exacerbating affordability concerns and limiting housing options for the region’s burgeoning workforce.

The YP Gold Coast Committee recently attended the Property Council of Australia (PCA) event ‘What is the Outlook for Housing Supply?’ last Friday, 23^rd February 2024, relating to the housing supply on the Gold Coast. Notably, there were a number of discussions relating to why this housing supply shortage is so mismatched with the demand. The demand for housing, particularly in urban centres and coastal areas, continues to surge, and the supply of available properties has continually failed to meet these escalating needs.

Promisingly, Meaghan Scanlon – the Minister for Housing, Local Government and Planning and Minister for Public Works, stated that the Queensland Government was working through solutions with talks of infill development grants and a state-facilitated development unit.

Our concern with this approach is that the private sector is delivering a staggering 95% of homes, and the prices of these homes are only surging higher. Relative to other regional markets, the Gold Coast has recorded one of the highest rates of dwelling value growth over the past year at 11.15%.

Not enough is being done for young professionals and first home buyers, with this housing crunch translating into fierce competition and limited options. Rental prices have also skyrocketed, placing immense strain on the budgets of those entering the workforce or navigating early career stages. Many find themselves grappling with exorbitant rental costs, which often consume a significant portion of their income, leaving little room for accumulating savings to get into the property market or invest in other areas of their lives.

The PCA event identified that addressing the Gold Coast’s housing supply shortfall demands a multifaceted approach that involves collaboration between policymakers, developers, community stakeholders, and industry players. The YP Gold Coast committee are eager to see greater efforts to streamline regulatory processes, incentivise affordable housing developments, and promote sustainable urban planning practices as essential steps toward fostering a more equitable and inclusive housing landscape.