Within the next decade, technology is likely to replace a wide range of six-figure employment, from airline pilots to stockbrokers and accountants.
According to Faethm by Pearson, a data analytics organization that specializes in artificial intelligence, robots might undertake a variety of monotonous occupations, even some that pay well.
‘Many repetitive, or even “robotic,” work may be easily mechanized,’ it noted in a draft study.
Aeroplane pilots had an average taxable income of $154,262 in the 2019-20 fiscal year, but Faethm by Pearson anticipated that 36.55 percent of full-time equivalent occupations might be automated by 2032.
Stockbrokers, who earn an average of $306,018 a year by buying shares on behalf of customers, were also put at risk, with the survey projecting that 34% of employment might be done by a computer.
Jobs threatened by technology as a percentage of full-time positions
FINANCE BROKER: 592 %
58% OF MEDICAL RECEPTIONISTS
PILOT OF AN AEROPLANE: 36.55%
34% ARE STOCKBROKING DEALER
32% ARE ACCOUNTANTS/AUDITORS
The Future of Australian Jobs, Faethm by Pearson, August 2022, draft report
Finance brokers, who arrange loans on behalf of borrowers, were even more endangered, with automation threatening 59.2 percent of their employment.
The average income for this mortgage broker position is $93,833.
‘The biggest at-risk positions are often in the banking business, where technology might automate more than half of the work done over the next ten years,’ according to the survey.
Accountants and auditors were also at danger, with 32% of positions at risk of automation.
According to Faethm by Pearson, without technology development, Australia would have 45,760 more accounting employment by 2032, but only 7,200 more human occupations would be generated in the following decade as the population grew.
It estimated that technology will eliminate 41,670 general accounting jobs and 4,090 tax agent roles during the next decade.
As the population grew, Australia will have 193,640 accountants by 2032, up from 186,430 presently, representing a 0.4% annual growth rate over the following decade as automation replaced human bean counters. Auditors, who examine company accounts for anomalies, earn an average of $142,922, compared to $109,724 for accountant managers and $79,624 for tax accountants.
Machines are threatening low-wage professions, with 58% of full-time medical receptionist positions under danger in an occupation with an average income of $41,186.
According to fresh Australian Taxation Office statistics published this week, the average wage in 2019-20 was $63,882.
The south-east of Melbourne was predicted to be the worst impacted, with 88,610 employment threatened by technology by 2032, compared to 86,300 in Melbourne’s west, 78,260 in central Melbourne, 68,170 on the Gold Coast, and 58,570 in Sydney’s inner south-west.
According to the paper, as technology replaces supermarket checkout operators and retail sales assistants, the labor force will need more workers to fill jobs in elderly and disability care.
For the time being, employers are struggling to recruit workers, despite Australia’s unemployment rate dropping to a 48-year low of 3.5% in June.
However, this may alter in the next years as computers grow capable of filling human skill shortages.
‘Some sectors, firms, economies, and communities will face the brunt of the negative impact, while others will thrive and give enormous benefits to those who invest in or develop with them,’ according to the research.