Sydney, Nov 25: Australia’s peak accounting body is calling on young people to harness artificial intelligence (AI) to turn side hustles and business ideas into fully fledged enterprises.
CPA Australia says AI is reshaping traditional business models and slashing barriers to entry, creating a rare window of opportunity for under-40s to start or acquire a business.
Australia’s largest accounting body has urged policymakers to promote entrepreneurship as a viable career path, and to back young founders with targeted training in digital capability, access to finance and professional advice.
CPA Australia’s Business Investment Lead, Gavan Ord, said getting more young people into business would deliver benefits well beyond individual success.
“Encouraging more young Australians into business ownership isn’t just good for them, it’s vital for the economy,” he said. “AI gives young entrepreneurs the ability to innovate and scale quickly, which will help revitalise Australia’s small business sector and strengthen our long-term economic vitality.”
The push coincides with Australia’s AI Week, a federal initiative aimed at helping businesses understand the benefits of AI and how to integrate the technology into their operations.
Mr Ord said that while further government support was important, young Australians should not delay acting on promising ideas.
“Embracing AI will be key to boosting productivity and economic growth. Young Aussies should be proactive, leveraging AI, professional advisers and mentors to follow their entrepreneurial and creative instinct,” said Mr Ord.
“AI enables small businesses to automate processes, analyse data and innovate faster than ever before. For young Australians with ambition, AI provides the tools to help them compete locally, nationally and on a global stage.”
He said too many young people were only hearing about the risks of AI, rather than its potential to underpin new ventures.
“Rather than viewing AI solely through the lens of misuse and workforce anxiety, we should recognise it as launchpad for young entrepreneurs,” he said. “It empowers young people to turn ideas into ventures with unprecedented speed and minimal resources.
“From branding and market research to customer service and content creation, AI tools are making running a business more accessible than ever.
“It’s time to shift the narrative. Let’s show how AI can be a force for entrepreneurship and economic opportunity.”
Findings from CPA Australia’s long-running Asia-Pacific Small Business Survey, which has captured insights from 50,000 small businesses over 16 years, show that owners aged under 40 are consistently more likely to grow, hire staff, innovate and adopt new technology.
“Whether it’s starting a new business or acquiring an existing one, the evidence shows that younger people are more likely to adopt new technologies and inspire growth,” said Mr Ord.
“In Australia, most small business owners are aged 50 and above, so it’s crucial that we get more young people interested in business by promoting the many benefits of business ownership, such as being your own boss, improved work-life balance and pursuing a passion or personal interest.
“Young Aussies are well-placed to learn the basics of business very quickly – if they are making money from YouTube, Instagram or TikTok, they are effectively a sole trader, even if they hadn’t realised. They are picking up valuable business skills.
“Used correctly, AI gives young people the perfect opportunity to supercharge their business ideas, which in turn could create jobs and boost the national economy.”
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