Earn
Why robots aren’t taking your job
Fears of robots taking away workers’ jobs may have been premature, new research has found.
Why robots aren’t taking your job
Fears of robots taking away workers’ jobs may have been premature, new research has found.
A report released by the Australian Institute’s Centre For Future Work has found Australian businesses’ investment in new machinery to be weaker than at any point in Australia’s post-war history.
Business spending on new research and technology has also been falling in Australia and now ranks well behind the average of other industrial countries (and even some emerging economies, like China).
“Until recently, Australia was recognised for its sophisticated and successful research and innovation capacities. Australia’s R&D commitments (especially business research spending) have been declining over the last decade,” said Dr Jim Stanford, economist and director of the Centre for Future Work.
The average amount of machinery and equipment used by the typical Australian worker has been declining since 2014, and has since fallen by 6 per cent.
“Australian businesses are not investing nearly enough in new technology,” Dr Stanford said.
However, a lack of business investment in new technology does not mean that Australian jobs are somehow safer.
“To the contrary, the failure of business investment means that even more jobs will be located in low-productivity, low-tech, low-wage industries – with terrible implications for wages and job quality,” Dr Stanford said.
This is resulting in Australia’s productivity falling, which is having an impact on the economy at large, the report found.
“Business leaders love to complain that Australia’s productivity problems are due to red tape, taxes and unions. The evidence is clear that their own failure to invest in new capital and new technology explains the stagnation in productivity. Instead of blaming others for this outcome, business leaders need to look in the mirror,” Dr Stanford concluded.
RELATED ARTICLES
About the author
About the author
Salary
Labour market momentum continues as older Australians see wage growth
Australia's labour market is showing signs of sustained momentum, with a notable increase in hours worked alongside job growth, according to Ben Thompson, CEO and co-founder of Employment HeroRead more
Salary
Wage growth in SMB sector outpaces official figures, reveals Employment Hero
In a surprising revelation that challenges official statistics, the latest data from Employment Hero has highlighted a significant wage growth in Australia's small and medium business (SMB) sectorRead more
Salary
Big businesses under scrutiny for slow payments to small suppliers as new data surfaces
New data from the Payment Times Reporting Regulator (PTRR) has revealed that large businesses continue to delay payments to small suppliers, despite the growing economic pressures. The PTRR has ...Read more
Salary
GoCardless calls for stronger small business support following rejection of Payday Super extension
GoCardless has urged the federal government to increase support for small businesses after the House of Representatives voted against a proposed amendment to the Payday Super legislation that would ...Read more
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
Salary
Labour market momentum continues as older Australians see wage growth
Australia's labour market is showing signs of sustained momentum, with a notable increase in hours worked alongside job growth, according to Ben Thompson, CEO and co-founder of Employment HeroRead more
Salary
Wage growth in SMB sector outpaces official figures, reveals Employment Hero
In a surprising revelation that challenges official statistics, the latest data from Employment Hero has highlighted a significant wage growth in Australia's small and medium business (SMB) sectorRead more
Salary
Big businesses under scrutiny for slow payments to small suppliers as new data surfaces
New data from the Payment Times Reporting Regulator (PTRR) has revealed that large businesses continue to delay payments to small suppliers, despite the growing economic pressures. The PTRR has ...Read more
Salary
GoCardless calls for stronger small business support following rejection of Payday Super extension
GoCardless has urged the federal government to increase support for small businesses after the House of Representatives voted against a proposed amendment to the Payday Super legislation that would ...Read more
Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
