New data from big four bank Westpac has revealed that Australians are increasingly subscribing to AI tools, reflecting a change in how people operate and work daily.
In an analysis of card transactions, Westpac found that there were roughly 1 million AI subscription payments made by Australians over the last year.
Additionally, it found that 150,000 retail customers pay for at least one AI subscription each month, a 1,284 per cent increase from 2023, when it sat at 11 per cent.
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Altogether, Australians are spending an average of $5.6 million a month on AI tools.
Carolyn McCann, Westpac’s chief executive of consumer, said this shows a shift in how people are working and managing their day-to-day.
“This is a rapid shift in behaviour as customers embrace AI to make daily tasks faster, easier and more personalised,” she said.
“It’s clear that AI has moved well beyond hype. It’s now becoming more embedded as a practical tool that Australians are increasingly relying on, whether for study, work or managing the household.”
While Gen X is leading the charge in AI adoption with a 1,680 per cent increase, all generations are increasing their use, with Millennial use jumping 1,205 per cent, Gen Z increasing by 1,149 per cent, and Baby Boomers increasing by 786 per cent.
“Gen X is leaning in strongly. They’re experimenting, adapting quickly and seeing immediate value,” McCann said.
Westpac is also using AI within its own operations, with staff now using Microsoft 365 Copilot daily, having rolled it out globally only recently.
“Helping teams work more efficiently and access information faster means our people can focus on important tasks like supporting our customers,” McCann said.
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Daniel Croft
Born in the heart of Western Sydney, Daniel Croft is a passionate journalist with an understanding for and experience writing in the technology space. Having studied at Macquarie University, he joined Momentum Media in 2022, writing across a number of publications including Australian Aviation, Cyber Security Connect and Defence Connect. Outside of writing, Daniel has a keen interest in music, and spends his time playing in bands around Sydney.