RBA Questions AI Productivity Gains as Data Centre Spending Strains Economy

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Reserve Bank of Australia Assistant Governor Sarah Hunter told the UBS Australasia Conference in Sydney that evidence of AI meaningfully lifting productivity or reducing employment in Australia is still limited. She noted that data centre capital spending has risen roughly tenfold in recent years, placing demand pressure on the power grid, construction sector and engineering workforce. Hunter warned this investment could fuel persistent inflation and keep interest rates high. She also flagged that shared cloud and foundation model providers create new systemic risks to financial stability.

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