According to a joint study by the ACS and Faethm of the 2.7 million Australians who lose their jobs, 400,000 face structural unemployment as they are unable to adapt to changing job requirements.

ACS CEO Andrew Johnson said: “The outcomes tabled in our Technology Impacts on the Australian Workforce report provide deep insights for businesses to inform future workforce development plans, as well as for policymakers to maximise the participation rate of all citizens in the opportunities afforded by the Fourth Industrial Revolution.”

The 1,511 job families defined in Faethm’s modelling cover 244 attributes such as abilities, knowledge, skills matched with human abilities defined by over 20,000 job tasks to create a matrix measuring each industry’s exposure to automation.

Of the industries examined, Admin and Support Services has the highest automation rate; Information, Media and Telecommunications is the sector most augmentable by technology; Health Care and Social Assistance is the industry with the highest job growth rate; and Finance and Insurance Services has the highest proportion of new technology jobs.

The impact on the genders will not be equal, with 63,000 females in the financial sector forecast as opposed to 45,000 men.

While 100,000 women in the profession, scientific and technical services stand to be impacted, compared with 84,000 men.

However, in good news for the nation’s workforce, 5.6 million are likely to benefit from new jobs created through emerging technologies across industries.

Not surprisingly, Australia’s growing technology sector is tipped to generate 1.4 million new jobs over the next 15 years.

This will create a shortfall in the Australian economy which will need to bring in 700,000 people to maintain a GDP growth rate of 3.2 per cent.

“The ACS is calling for a macro, cross policy approach to be adopted by government to ease the impact on the workforce and address any resulting skills shortages,” Mr Johnson concluded.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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