The timing couldn’t have been more unfortunate. Last week, communications giant Telstra announced it had hired software firm Infosys to automate more of its software engineering capabilities and accelerate its use of artificial intelligence.Then, on Tuesday, it said it would have to cut 9 per cent of its workforce.
Telstra has a workforce of about 31,000 people, and the company had foreshadowed cuts were coming. Last February,of the domestic enterprise business after reaping the benefits of rising prices, a bumper profit and strong mobile business growth. Income for the half-year rose to $11.7 billion, a 1.2 per cent increase from the same half in the previous year. Net profit after tax was $1 billion, up 11.5 per cent from the same half in the previous year.
Much like the launch of the World Wide Web in 1993, AI comes with very obvious and immediate benefits as well as potential drawbacks. The Albanese government acknowledged the upside, estimating that adopting AI and automation could add an extra $170 billion to $600 billion a year to Australia’s GDP by 2030.Many large employers have already embraced AI, which has replaced outsourcing as the latest fashionable business tool.