Friend,

In a moment of almost symmetry this week we saw two interesting things.

First, Sam Altman (ChatGPT's CEO and driving force) told the Australian business community (via the AFR) that his read on history is that  "in about two generations, society can adapt to almost any amount of job change". First though, we can expect painful disruption to the people whose jobs will disappear. 

Secondly, our largest bank, CBA, was this week lambasted by their union, the FSU, for job losses to AI. 

These two news items boil down to is the same thing: AI is disrupting jobs and will remove or fundamentally change many of them. That's true for even those of us who were promised that being knowledge workers would save us from technology and globalisation taking away our work.

Our only smart (but perhaps feeble) response is to learn "how to do" AI tools, taking our chances at the frontier of this change. 

Otherwise the AI is going to do for you and I because some version of existing AI is already learning how to do our work. Yes, yours, even you super bright people who have surfed all the other waves of change. 

Take it away Sam...

"Right now, I think the frontier is these AI tools, and so the answer is to get really good at using those. That’s my tactical answer. Where that’s going to lead I don’t know. But it feels like a very good thing to do."

Cold comfort but probably decent advice.

On our radar

Policy and regulatory developments that may shape your risk or return

Chalmers told to rein in ASIC
Former chair James Shipton says the Treasurer’s three‑year silence on ASIC’s “marching orders” lets the watchdog set its own targets and chase headlines, adding to the A$1.2 billion compliance bill Macquarie alone wears each year. He wants a new Statement of Expectations and tougher parliamentary oversight.

PC backs bigger up‑front tax write‑offs
The Productivity Commission will urge a cash‑flow‑tax style system that lets firms expense more of their capital spend immediately. The hit to revenues is front‑loaded but washes out over a decade; the 30 % company rate stays.

Roundtable mood toughens
Business lobby ACCI tells unions to ditch “simplistic” blame games before the 19‑21 August economic‑reform summit, where Bullock (RBA), Wood (PC) and Wilkinson (Treasury) will steer talks on productivity and fiscal sustainability.

This week's market movers

Big plays, bold bets, and (occasional) unconfirmed speculation

CEFC smashes its own funding record
Australia’s green bank pumped A$3.5 billion into clean power last year (double the prior tally)  with A$2.8 billion earmarked for grid upgrades and A$2.1 billion for a new east‑coast link. Still, WoodMac warns the NEM is on track for ~58% renewables by 2030, far short of the governments 82% goal.

Dutch pension money floods into Aussie solar

Giant investor APG has lobbed A$1 billion into Octopus Australia to build big solar and battery hubs at Blind Creek (NSW) and Blackstone (QLD) — a loud vote of confidence in local transition assets.

CBA trims roles as AI voice‑bots scale up
CBA will cut 45 roles tied to an AI rollout; the union says the real hit could be 90. CBA counters it’s pouring A$2 billion into tech and frontline upskilling, making workforce transformation a live IR flashpoint.

Beef ban scrapped to thaw US tariff row
Canberra has lifted 20‑year biosecurity curbs on US beef, hoping goodwill will ease America’s steep steel, aluminium and pharma tariffs on Australian exports. Critics warn of bio‑risk slippage.

Cooper is the newest member to the BlueChip team, joining as an Account Coordinator. She is currently in her final year at the University of Sydney completing a Bachelor of Arts majoring in Marketing and Politics. She loves to spend her time travelling, recently spending a semester abroad in Texas, embracing new experiences and expanding her studies. Outside work you will find her at a Pilates class and spending quality time with her friends and family.

Best,

Carden | she/her (here’s why that matters @work) 

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