Businesses around the world are embracing artificial intelligence technology, but is Australia keeping up?The treasury department is warning that's not happening fast enough and we're at risk of falling behind.CreditsJosephine Asher, AuthorProgram:More from ABC News Top StoriesTranscriptBusinesses around the world are embracing artificial intelligence technology ... but is Australia keeping up?The treasury department is warning that's not happening fast enough and we're at risk of falling behindso what's happening?In a new advice to Treasurer Jim Chalmers, his department says Australia will miss the economic benefits of the artificial intelligence boom unless businesses actually use the technology to make bigger changesDespite two-thirds of businesses reporting some AI adoption, uptake is slow, with less than 10- per cent using the technology to its potential.and that's a problem, because Treasury describes AI as the first credible accelerant of global economic growth in almost two decadesso there's a potential economic boom around the corner, but we could miss out!!Officials are likening it to the mining boom ...Warren Hogan is an economic adviser at Judo Bank... he says that could have dire consequencesHOGAN GRAB 3We risk getting the worst of AI that is the displacement without the best which is the broader productivity lift and the full employment and the much better economic outcomes that the next five to ten years offers I think we are on the cusp of the biggest lift in living standards we have seen in a generation and we cannot miss that opportunity.which begs the question... why are Australian companies reluctant to adopt it?Well Brian Collins reckons the hesitation often comes from fear of the unknown or not knowing where to start.He's from Enterprize Tasmania, which help companies integrate AI into business operations.there's also hundreds and hundreds of AI products that say well we're experts in accountancy product or we're experts in this legal advice and so there's no clear starting point and that creates paralysis rather than creating action,.For Olivia Shen from the US study Centre ... some industries are also being cautious"Particularly around things like healthcare. Safety critical use cases that include a lot of personal data and personal customer information. That's where businesses are definitely proceeding with caution...They're not quite sure whether the law gives them clarity on what AI can and cannot be used for. And some of them are also aware that customers are not happy about having AI forced down their throats."there's a huge amount a fear about AI.. one of the major concerns people have is that it'll take their jobsbut treasury says the much-feared job losses have not yet materialisedmost studies are actually finding AI's had limited impacts on the labour market to date.University of New South Wales AI Institute chief scientist Toby Walsh says Australians could learn from past debates, like when the computer was feared to replace office jobs, but many new jobs and industries were created."I suspect the same will be true this time, in that we might have technologies like artificial intelligence that could be quickly used and quickly replacing people, but it will actually take longer than we expect."Treasurer Jim Chalmers says the government is working with the states, private sector and community to help business and workers access the tools they need to adopt AI safely.The federal government has unveiled a new "Buy Australian AI Partnership" backed by the nation's Big Four banks to help local AI companies win customers.But Treasury says it's also up to Australian businesses to help play their role and drive growth in this area.