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first_img Australia's 40-Year Economic Outlook Recognizes the AI Revolution, Does Not Mention Cryptocurrency

On September 22, the Australian Treasury released the latest edition of the Intergenerational Report, which outlines a 40-year economic outlook and lists artificial intelligence as one of the five major transformations that will profoundly impact the economy in the future, but the report does not mention cryptocurrencies. The report states that AI systems have become "significantly" more autonomous, powerful, and widely applied, with some benchmark performances surpassing human levels. The other four transformations are geopolitical conflicts, an aging population, the transition to clean energy, and Australia's industrial shift towards the service sector.John O'Loghlen, National Director of Coinbase Australia, commented in an email that the report clearly indicates that Australia's prosperity over the next 40 years will largely depend on the ability to adopt new technologies and enhance productivity, but while the report focuses on artificial intelligence, it completely overlooks the financial infrastructure required for these agents. Previous Intergenerational Reports also did not address digital assets. Despite these omissions, the Reserve Bank of Australia has increased its focus on tokenized finance and upgrading financial infrastructure earlier this year, with the Digital Finance Cooperative Research Centre estimating that digital financial innovation could bring an economic benefit of AUD 24 billion (approximately USD 17.1 billion) annually.The Treasury also released a separate report on September 3 titled Financial Innovation Strategy, which discusses the connection between AI and financial infrastructure, stating that agent systems may increase automation and machine-to-machine trading, thereby creating greater demand for real-time, interoperable, and programmable payment systems.

first_img The real robot revolution in China has nothing to do with humanoid robots

According to data from the International Federation of Robotics, Chinese companies installed 295,000 new industrial robots in China in 2024, accounting for 54% of the global total. Two years ago, China had over 2 million industrial robots in operation, approximately 4.5 times that of the second-place Japan. According to data from the Ministry of Industry and Information Technology of China, the revenue of China's robotics industry exceeded 300 billion yuan (4.4 billion USD) last year, with an average annual growth rate of over 20% over five years. Industrial robot exports are expected to grow by 49% in 2025, making China a net exporter of industrial robots for the first time.Chinese manufacturers now hold the majority share of the domestic industrial robot market, which was previously dominated by Fanuc, ABB, Yaskawa, and KUKA before 2024. BYD's Xi'an factory operates thousands of automated robotic arms for electric vehicle assembly lines, with key components being nearly fully autonomous. The Yangshan Port in Shanghai has built the world's largest automated terminal, almost entirely operated by automated guided vehicles and remotely controlled gantry cranes, with minimal human intervention. Regulatory authorities in Guangdong Province recently approved 48 "robot +" deployment scenarios covering manufacturing, logistics, and service sectors. The quadruped and humanoid robot company Yushu Technology went public last month, with its first-day trading valuation exceeding 1,200 times its past earnings.
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