RBA Staff ‘Feeling the Weight’ of AI, Tech Shift, Governor Says

The Reserve Bank of Australia (RBA) is undergoing a significant technological transformation, according to Governor Michele Bullock. The use of big data and artificial intelligence (AI) is seen as having the potential to transform the bank's policymaking process. Bullock acknowledged that RBA staff are "feeling the weight" of this shift, as the organization adapts to the changing technological landscape. The introduction of new tools and techniques is likely to have an impact on the way the bank operates and the decisions it makes. The governor's comments highlight the challenges that central banks and other financial institutions face in keeping up with the rapid pace of technological change. As the use of data and AI becomes more prevalent, these organizations must ensure that they have the necessary skills and resources to effectively leverage these technologies to improve their decision-making and policy implementation.