Our own Meta Platforms Inc. has taken a much bolder step. To meet the increasing need for artificial intelligence (AI) talent, the company will provide sign-on bonuses of as much as $150 million to AI engineers working with OpenAI, creator of ChatGPT. This latest decision highlights the increasingly hostile competitive environment between the technology superpowers, as they jockey to make the most of AI’s promise. At the same time, debates continue on the shape AI will take, both within the private sector and its larger societal impacts, including market concentration and public policy.
The global AI market is exploding. The combined market capitalization of these leading firms, including Meta, Alphabet, Microsoft, Amazon and Nvidia, has exploded to about $20 trillion. This figure is almost twice the combined value of all residential properties across Australia. As companies around the world continue to use AI technologies, it’s important to know how to use these tools to get the best results.
In business, every AI application can be classified as top-down or bottom-up. In today’s prompt-based workplace, learning how to prompt well is the new superpower that everyone needs. Crafting the right prompt will be key to AI’s full potential. It guides users in crafting the right queries and informing the system so it can formulate accurate answers.
The Urgency of AI Policy Development
Productivity Commission chair Danielle Wood will facilitate a round table style discussion. Our emphasis throughout will be on meeting the complex challenges and maximizing the benefits that AI and robotics offer. Wood could also point to the urgency created by some of Meta’s sign-on bonuses to policy-making discussions. With 453 ideas submitted to the Productivity Commission by the public on productivity enhancement, there is a growing recognition that effective policies are necessary to navigate the complexities of AI integration.
The round table will convene a wide range of stakeholders to discuss the best policies to adopt in developing AI and robotics technologies. The involvement of 25 citizens in this assembly reflects a desire for community engagement in shaping the future of technology.
“You’re not using it correctly. You’re not asking the right questions because that’s essentially what a prompt is, you’re asking it the right question, you’re giving it the right information to answer your question.” – Henry Badgery
Throughout these national conversations, our elected leaders need to focus their attention on the corporate-led, top-down approaches to these issues. They need to focus on the bottom-up approaches employed by individual workers. This dual perspective is key to providing all of us with a full understanding of how AI can and should be implemented across sectors.
Global Perspectives on AI Leadership
Internationally, the race to achieve dominance in AI is heating up. Under the leadership of President Donald Trump, the United States is preparing to release its own AI Action Plan on July 23. The intent of this blueprint is to identify key strategic initiatives that would strengthen our nation’s competitiveness in the rapidly evolving AI landscape.
China’s eight-year-old plan aims to make the country the world’s primary AI innovation hub by 2030. The differing styles of these two superpowers illustrate the importance of a key point. We absolutely require transparent policies that will shape how AI is developed and deployed.
Countries around the world are engaged in an arms race to establish dominion in AI development. Equally important is that future forums, including the planned round table, focus on the impact on labor markets and economic productivity.
The Role of Productivity in AI Integration
That is why, in December, our Treasurer, Jim Chalmers, commissioned five of these reports from the Productivity Commission, each chiseling away on the productivity’s five pillars. These reports will provide useful insights into how companies can make the most of AI to increase output per hour. And they’ll educate folks on the need to ensure workers have the right skills to succeed.
The ability to effectively use AI tools will require ongoing education and training, emphasizing the importance of writing effective prompts—an increasingly essential skill in modern workplaces.
As companies like Meta invest heavily in attracting top talent, it raises questions about income inequality and fairness within the job market. A publication by Richard Holden and Rosalind Dixon, “From Free to Fair Markets,” tackles these critical issues head-on. We support their work to promote policy solutions that build fair pathways in our changing economy.
