Bank of Macquarie warning: 10 per cent of mortgage payments at risk from AI

One of the most intriguing questions raised by the artificial intelligence revolution is: What would the Australian economy look like if unemployment reached 10 percent?

While such a rise in the unemployment rate is hardly unthinkable – unemployment reached almost 11 per cent in 1993 during the recession we experienced and briefly rose to 7.5 per cent during the COVID crisis – Australia’s impressive long-term record of steady (if unspectacular) economic growth means these moments have faded from collective memory.

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