This report looks at survey data on the influence of market conditions, workforce constraints, and regulatory gaps on technology uptake and investment. Responses were received from leaders of 182 private-sector businesses across Australia. 

The survey sought to understand how business leaders are approaching technology issues at a time of rapid economic, societal and technological change, and what is shaping their future investment pipeline. It finds that Australian businesses view new technologies as vital to increasing productivity but are hindered by regulatory and capability gaps. 

The report shows that transformative technologies – particularly artificial intelligence (AI) and those associated with the net zero transition – are already dominating procurement decisions, but that uncertainty around their safe and effective application are slowing progress. It calls for greater clarity in regulation and policy support to close the skill and knowledge gap.

Key findings

• 84% of businesses report having active technology projects.
• Business leaders’ primary motivation for technology investment is improving productivity.
• 52% of businesses already report adoption of AI technologies.
• Nearly half of business leaders (45%) report they are making some form of investment in technologies to support the net zero transition in industry.
• Workforce capability is the greatest barrier to technology uptake, with half (54%) of business leaders reporting skills constraints. 
• Businesses report two inhibitors specific to AI adoption: a lack of knowledge (48%) and perceived business risk (26%).