AI to Reshape Almost All Australian Jobs, Leaving Few Untouched
A new report from investment bank Barrenjoey predicts that artificial intelligence (AI) will significantly impact nearly every job in Australia, with only 1 in 1,000 positions remaining unaffected. The research indicates a broad reshaping of roles and tasks across the Australian workplace.
AI's Widespread Impact Across Sectors
According to Barrenjoey's findings, only professional athletes are likely to be completely immune to the AI revolution. The impact will be felt across diverse industries, with miners, chefs, surgeons, carpenters, estate agents, laborers, and tradies all experiencing either AI assistance or potential job displacement.
Risk of Job Displacement
Jo Masters, chief economist at Barrenjoey, estimates that approximately 11% of the Australian workforce faces a high risk of job replacement due to AI, while another 22% are at medium risk. However, Masters cautions against "doomsday" scenarios of mass unemployment, emphasizing the potential for new job creation and the gradual pace of AI adoption and adaptation.
Industries Facing the Biggest Changes
The report suggests that those working in the media, healthcare, software, life sciences, and IT services sectors should anticipate significant changes as existing trends in role augmentation accelerate. These sectors are particularly poised for disruption, driven by advancements in AI capabilities.
Vulnerable Businesses in the Share Market
For investors, the report identifies insurance, retail, healthcare, leisure, and information technology services as sectors particularly vulnerable to technology-related job disruption and potential profit swings. These areas are seen as susceptible to the impact of AI on existing business models.
Insurance and Retail Facing Automation
The insurance sector is flagged as the most vulnerable, with computers potentially performing risk and premium pricing more effectively using large datasets. Routine roles such as call center operators are also at risk of automation. In the retail sector, Barrenjoey predicts the potential for computers and robots to take over shop operations. They note that over 125,000 checkout operators and 560,000 sales assistants nationwide perform tasks ripe for automation.
Corporate Australia Investing in AI
Corporations across Australia are actively seeking ways to leverage AI to boost profits and develop new products. Telstra, Australia's largest mobile network and internet services provider, recently announced a $700 million joint venture with Accenture to utilize AI for sales growth and service enhancement.
Consulting Firms Guiding AI Implementation
Accenture plays a key role in advising corporate Australia on AI implementation. They note that over 90% of Australian workers are employed in service industries, guiding management executives on how AI can improve workflow processes. Westpac, Australia's second-largest bank, is also working with Accenture to develop AI agents for software development. ANZ Bank is another client of Accenture implementing a major overhaul in 2026 that includes job cuts and AI investment.
