(Australian Associated Press)
Treasurer Scott Morrison says Australia needs to apply advances in science and technology to its traditional strengths, such as mining, to build the strength of the economy.
Mr Morrison told a banking and finance summit in Sydney that scientific and technological advances had to be applied practically to deliver benefits.
“Science and technology are transforming our way of life – it always has whether we like it or not,” Mr Morrison said.
“This will keep happening and to secure Australia’s economic future we must continue to adapt to be successful in this new economy.
“It is about applying technology and research to our traditional economic strengths – mining, agriculture, the medical industry and financial services.”
Mr Morrison said although many people are concerned about the impact on jobs of advances in areas such as robotics and artificial intelligence, new technologies will ultimately produce a new wave of jobs for the future.
“It is true that jobs are replaced by new technologies … but it is also true that value created by the new inventions and advances by Australians in science and technology and Australian businesses can be just, if not more valuable, as what we dig out of the ground,” he said.