The artificial intelligence revolution could not have come at a better time for Treasurer Jim Chalmers, who has been struggling to sell the narrative that “the Australian economy is turning a corner”. AI is being prescribed like it’s the new wonder drug to revive stagnant productivity, boost business investment and kickstart growth.

The Treasurer appears to have embraced this idea. He told The Australian Financial Review last month that AI was an absolute game changer, a key part of the productivity agenda, and that while “regulation will matter, we are overwhelmingly focused on capabilities and opportunities, not just guardrails”. Harnessing data and digital technology is the third pillar of Chalmers’ productivity agenda, which he has tasked the Productivity Commission with.