Reserve Bank of Australia governor Michele Bullock has acknowledged that employees are “feeling the weight” of a sweeping technology overhaul, yet argued that artificial intelligence could enhance economic analysis and payment systems.

Speaking in Perth on Wednesday, Bullock said the central bank is experimenting with big data and AI tools “to improve forecasting and support more informed decision-making” while at the same time running day-to-day operations. “We are exploring how technologies can enhance our understanding of economic conditions, improve forecasting and support more informed decision-making,” she told the Shann Memorial Lecture.

Bullock accepted that the workload has intensified. “None of this is easy,” she said. “I would not be honest if I didn’t say that the staff are feeling the weight of the heavy change agenda. But the expected rapid technological change over coming years brings exciting opportunities.”

The central bank has purchased its first enterprise-grade graphics processing unit and migrated some government banking functions to the cloud in order to run AI models at scale. Bullock stressed that the technology will supplement, rather than drive, policy choices. “To be clear, we are not using AI to formulate or set monetary policy or any other policy,” she said. “Instead, we are looking to leverage it to improve efficiency and amplify the impact of staff efforts in areas such as research and analysis.”

Bullock added that AI’s broader economic effects are uncertain but potentially significant. “Technological change has always reshaped the labour market, and AI is no exception,” she noted. “While many experts anticipate a net increase in jobs, it is likely to be more nuanced: some roles will be redefined, others might be displaced, and entirely new ones will be created.”

The RBA is also examining how tokenised assets and digital money could improve settlement infrastructure, building on last year’s central bank digital currency pilot. Bullock said the monetary authority must balance innovation with resilience, particularly against cybersecurity threats.

Financial markets expect the RBA to keep the cash rate unchanged later this month, with a further cut anticipated in November, though the governor’s speech avoided comment on interest-rate strategy.

Bullock concluded that maintaining low and stable inflation while modernising the bank’s analytical toolkit will help Australia “navigate these structural changes”.

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