29 May 2026
Artificial intelligence (AI) is beginning to show up in Australia’s economic data as it shapes investment, hiring and business operations. New research from NAB Economics and Markets Research finds the impact of AI is expected to build gradually and vary across sectors, firms and the workforce.
The AI in Australia report (PDF, 751KB) finds adoption is already visible, with software investment accounting for about 10% of total private sector business investment. Increased demand for digital infrastructure such as data centres is also contributing to business investment growth.
NAB Chief Economist Dr Sally Auld said the long-term impact of AI could be significant, however the benefits would take time to emerge and were unlikely to be evenly distributed across the economy.
“AI is increasingly showing up in economic data, particularly through investment and early labour market trends,” Dr Auld said.
“The evidence suggests this will be a gradual shift. Productivity gains are expected over time, but there is still little sign of a broad-based lift in aggregate productivity so far.
“The scale and timing of the impact remain uncertain, and the effects will vary across industries, firms and workers.”
The research found that about 15% of jobs in Australia are highly or significantly exposed to AI, with early evidence of slower employment growth in more exposed occupations since late 2022, when ChatGPT was introduced.
“While it is difficult to attribute these changes solely to AI, there are signs that labour market dynamics are starting to shift in areas with higher exposure,” Dr Auld said.
“Over time, the net impact will depend on how productivity gains flow through to wages, demand and job creation across the broader economy. What we do know is that historically we’ve seen technology create more jobs than it displaces in the long run.”
The report also points to differences across sectors for potential AI uplifts, with industries such as finance, professional services and technology more immediately placed to benefit given the nature of their work, while others may experience a more gradual transition.
This aligns with recent NAB research on small and medium enterprises’ AI adoption, which found 42% of SMEs are already using AI and a further 14% are planning to. Two-thirds of businesses in fields such as real estate and accounting are using AI, while in manufacturing, retail and transport, which are less digitised, adoption rates vary between 35% and 21%.
NAB Group Executive for Digital, Data & AI, Pete Steel, said the bank was focussed on harnessing the benefits AI can bring to our colleagues, customers and the economy, while at the same time addressing potential impacts on people and jobs.
“These findings reinforce the importance of broadening AI knowledge and capabilities across the economy, so more businesses and people are able to benefit from AI instead of feeling left behind,” Mr Steel said.
“At NAB, we’re investing heavily in building AI capability across our workforce, from specialist roles through to broad-based training and literacy, to ensure our colleagues are equipped to work alongside these technologies.
"We’ve recently appointed a Chief AI Officer and we’re building a dedicated AI science team to accelerate how we apply these technologies. For example, as we develop agentic AI capabilities deploying them safely requires leaders able to manage both people and agents – so we’re building that muscle.
“We understand the concern about jobs. Our experience has been that the technology is helping teams go faster and do things differently. This is exciting, supporting our focus on using AI to deliver faster, simpler and more personalised banking experiences for our customers, while maintaining strong governance and the trust they place in us.
“As it stands, our bankers can spend up to 50 per cent of their time on administrative tasks to set up or service accounts and loans for customers. AI is helping our bankers instead spend more of that time developing relationships with those customers and finding ways to help them grow their businesses.”
Read the full report by NAB Economics and Market Research on AI in Australia. (PDF, 751KB)
