Business and political leaders at The Australian Financial Review AI Summit on Tuesday were unequivocal: unless we embrace the sweeping changes of the fourth industrial revolution being driven by artificial intelligence, big data and hyper-connectivity, we risk being left in the dust.

History shows that great technological revolutions have a pattern: rapid disruption, job displacement, and eventually, adaptation. While these upheavals delivered new wealth, jobs, and opportunities, they are not without their challenges. The advent of steam, electricity, and automation all upended labour markets. Today, AI and intelligent systems are doing the same.