Australian jobs: Only 0.1 per cent safe from Artificial Intelligence shake-up, says Barrenjoey

Only 1 in 1,000 Australian jobs will escape the effects of artificial intelligence, which will reshape almost every role and task in the workplace, according to investment bank Barrenjoey.

Research from the firm predicts only professional athletes may escape the AI revolution completely. Miners, chefs, surgeons, carpenters, estate agents, labourers, and tradies with either be helped or replaced by AI.

Barrenjoey chief economist Jo Masters said around 11 per cent of Australia’s workforce is at heavy risk of being replaced and 22 per cent face a medium risk of losing their jobs.

However, “doomsday” predictions of AI resulting in mass unemployment are exaggerated, she said. “It is also important to recognise that it is difficult to imagine, let alone quantify, jobs that may be created. We expect adoption and adaption to take time,” she said.

Robots in shops

Those in the media, healthcare, software, life sciences, and IT services are tipped to prepare for some of the biggest changes as existing changes accelerate in terms of role augmentation.

For investors, some of the share market businesses most vulnerable to technology-related jobs disruption and swinging profits are insurance, retail, healthcare, leisure and information technology services.

Insurance is the sector tipped as most vulnerable because computers will do a better job of pricing risk or premiums using large amounts of data. More routine jobs in insurance, such as call centre operators, are vulnerable to being replaced by computers.

Computers or robots may take over shops, Barrenjoey predicted. “Over 125,000 checkout operators and 560,000 sales assistants nationwide still handle tasks ripe for automation,” said the Barrenjoey report.

Corporate Australia invests

Corporate Australia is scrambling to find ways to use the technology to lift profits or develop new products.

In May 2025, Australia’s largest mobile network and internet services business Telstra announced it had signed a $700 million joint venture with consultancy Accenture to use AI to grow sales and offer more services.

Accenture has previously noted more than 90 per cent of Australian workers are employed in service industries and works across corporate Australia to advise management executives how the tech can be implemented to improve workflow processes.

Australia’s second-largest bank, Westpac, has is working with Accenture to build AI agents to assist in software development. The consultant also boasts ANZ Bank as a client implementing a radical overhaul in 2026 that includes more than 4,500 job cuts and AI investment.

“Where software has long been a tool for enterprises to create new capabilities and outcomes, AI will multiply the output, pushing limits on who can develop it and how it can be used,” Accenture said in a 2025 report.