Australia Institute Warns AI Business Model Could Drive Mass Unemployment
October 24, 2026Richard Denniss, co-CEO of The Australia Institute, testifies on AI to an Australian parliamentary committee.
“THE BUSINESS MODEL OF AI IS TO GENERATE MASS UNEMPLOYMENT”
Richard Denniss didn’t tiptoe. In testimony to an Australian parliamentary inquiry, the co-CEO of The Australia Institute said the technology’s business model is killing jobs, and that the sky-high valuations of AI companies only make sense if mass job losses are coming.
Read that again. The money being poured into AI isn’t betting that it helps workers. It’s betting that it replaces them.
His warning to lawmakers: don’t rush. Countries shouldn’t race to roll out AI and build data centers just because they’re afraid of missing out. Before they do, they need to ask who it’s for, and what happens to the people whose work it’s meant to replace.
Perfect Union called it “line after line of excellent testimony,” and it’s easy to see why. He said out loud what the industry’s investors already know.
If the people selling AI need millions of people to lose their jobs for the math to work, workers should be at the table before the contracts are signed, not after the layoffs.
Fear of missing out is a terrible reason to hand your economy to a machine built to put people out of work.
Source: @perfectunion
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