The AI rush to solve the cost of living crisis

Many Australians are feeling the pinch of the rising cost of living. 

Everyday essentials like housing, food and energy keep getting more expensive. This places a huge burden on everyday Australians, particularly those in lower income brackets, to make ends meet.

Thankfully, new technologies such as AI can help alleviate these pressures. This is why we’ve partnered with the National AI Centre and Google Cloud to launch Australia’s AI Sprint.

The AI Sprint is your chance to make a difference and improve the lives of Australians fighting against the rising cost of living.

What causes the Australian cost of living crisis?

The cost of living crisis in Australia can be tied to housing prices, energy costs and everyday shopping costs.

Housing prices have skyrocketed in recent years, driven by a combination of high demand, low interest rates, and insufficient supply. This has made home ownership an unattainable dream for many Australians and has led to a huge jump in rental prices.

Energy costs have risen sharply, due to Australia's reliance on traditional energy sources and the global fluctuation in oil and gas prices. This has a domino effect, impacting everything from household bills to the cost of producing and transporting goods.

The prices of everyday essentials, such as groceries and care services, have also increased, outpacing income growth. 

This imbalance between income and expenditure has left many Australians struggling to make ends meet, forcing them to cut back on essentials or incur debt.

The future for Australian living will be shaped by AI

Our current situation isn't sustainable.

It hurts people's finances, widens the gap between rich and poor, and hinders economic growth.

It can also damage the environment as businesses struggle to keep costs down, often at the expense of eco-friendly practices.

By using Artificial Intelligence (AI), we can develop solutions to tackle the root causes of the cost of living crisis.  

Imagine AI helping to:

• develop more efficient and affordable energy solutions;
• create smarter housing markets that are accessible to more people; and
• improve supply chains to reduce the cost of everyday goods.

You now stand on the precipice of turning this into a reality.

How can you get involved?

Australia’s AI Sprint is your opportunity to be part of the solution. 

This program is looking for innovators like you to develop AI solutions that can make Australia a more affordable and sustainable place for everyone.

Applications close 21 March 2024. Find out more.

Read more about the other AI Sprint Opportunity Statements where you can contribute here.