For our fifth annual KWM Digital Future Summit, we put productivity in the spotlight. How is technology changing what productivity means? And how can it secure our digital future across the region?
We brought together national regulators, board directors, industry experts and global thinkers. Across four days, we looked at how AI is reshaping work, what cyber security means for boards and where digital finance is heading.
We heard from Jeffrey Ding on what it really takes to succeed in the global AI race, while Productivity Commission Chair, Danielle Wood, gave us a practical view on how data and digital technology can drive a more dynamic economy focussed on growth.
We’re thrilled with those who joined us for the Summit. In case you missed it, or would like to share learnings from the Summit, you can access all sessions on-demand.
For more of our thinking on productivity, visit our Reimagining Productivity page where we continue to focus on what Australia can do to reimagine and improve our productivity.
Want a recap? Here are our key takeaways.
Session 1 | AI and the rise of great powers: The diffusion marathon
Leading thinker, Jeffrey Ding, from George Washington University joined KWM’s Cheng Lim to show why the winning edge in AI will go to those who enable the new technology to be adopted by everyone –effectively ‘diffuse’ it - not just those who invent it.
‘We need to look at which countries are actually prepared to adopt and spread those latest, greatest models to the small- and medium-sized businesses in the middle of nowhere.’ Jeffrey Ding
1. What matters most is the ability to spread technology far and wide and across all aspects of an economy – to ‘diffuse’ it.
2. AI will certainly lift productivity, but it will take time. The global AI ‘race’ is more like a marathon, not a sprint, we won’t see ‘a winner’ in the next couple of years, it will take decades.
3. Adapt your skills as the field is evolving quickly each year.
4. The US is currently leading in AI adoption and has a strong history of diffusing general purpose technology (GPT), but China has unique strengths and is making good progress, while there are also interesting developments across the region. Each economy will face different challenges as they work to get AI into practical, real-world scenarios.
5. People trust technology that sits under clear, stable rules. Effective regulation builds greater trust in a technology, which will in turn allow for more sustainable diffusion.
Session 2 | Regulatory perspectives: Balancing innovation and competition
ACCC Chair, Gina Cass-Gottlieb, shared how rules that are fit for purpose can make competition and innovation work together, in an engaging discussion with KWM’s Caroline Coops and Peta Stevenson.
‘Trust is critical for early adoption, for maximum use, for businesses to see the opportunities. Trust is a fundamental underpinning, in fact, to achieve the benefits of new technology of any type.’ Gina Cass-Gottlieb, ACCC Chair
1. Trust is the backbone of an effective and impactful digital market.
2. Well-designed rules help markets grow and compete.
3. Targeted industry codes keep rules fit for purpose. They can be updated more quickly, allowing regulators to respond to new challenges and technologies as they emerge in a fast-evolving digital landscape.
4. Codes should focus on those market participants that have a position of significance to drive competition.
5. Stay alert to emerging risks in cloud and AI, such as the significant upfront costs of cloud infrastructure and high barriers to entry and the associated development of these services by large, vertically integrated platforms.
Session 3 | Australia’s productivity challenge
Productivity Commission Chair, Danielle Wood, joined KWM’s Jennifer Barron and Annabel Griffin to discuss how smarter regulation, fair competition and technology can boost the economy.
The conversation underscores the imperative for government and industry to adopt a growth mindset, embrace practical reforms and move decisively from consultation to implementation to secure sustainable improvements.
‘We're really looking at recommendations to try and shift that culture around regulation... making it risk based, not risk averse.’ Danielle Wood, Productivity Commission Chair
1. Productivity drives better living standards and stronger wage growth.
2. Cut red tape. The cumulative burden of well-intentioned, but layered regulation, and approval processes is impeding business dynamism and investment. Regulation should support growth.
3. Boost investment through tax reform. The right corporate tax settings are crucial to attract investment, encourage innovation and support SMEs.
4. Technology, especially AI, is a key driver of future productivity. Leverage existing regulatory frameworks to manage risks, fill gaps and signal government support for AI adoption to boost public and private sector productivity.
5. Achieving net zero requires harmonised standards and streamlined regulatory approvals to ensure the transition is efficient and internationally competitive. We need practical reforms to reduce approval times and encourage investment.
Session 4 | Regulatory perspectives: Privacy in flux
Privacy Commissioner, Carly Kind, joined KWM’s Michael Swinson and Bryony Evans to discuss how privacy and productivity can work together.
‘I think the two are entirely consistent with each other, and that good privacy practices build trust and confidence and therefore supports participation in the digital economy, which is obviously key to a more productive economy writ large.’ Carly Kind, Privacy Commissioner
1. The OAIC targets unfair data grabs and power gaps, to ‘rebalance power asymmetries in the online realm’.
2. The Privacy Act needs more real-world test cases. The Act establishes a principles-based framework that would benefit from clearer examples of application and interpretation.
3. A good privacy framework builds trust and confidence, which supports participation in the digital economy and in turn leads to a more productive economy.
4. Businesses and boards must take responsibility for privacy and cyber risk. The OAIC is focused on ensuring they take reasonable steps to secure personal information and are prepared to investigate and enforce when required.
5. Regulators must align their rules across international markets. The Privacy Commissioner collaborates closely with domestic and international regulatory bodies to achieve a level of harmonisation.
Session 5 | Regulatory perspectives: Let’s talk privately – inside ASIC’s approach
ASIC Chair, Joe Longo, joined KWM’s Alex Elser and David Friedlander for a discussion on public v private capital markets in the unprecedented era of AI. Key discussion points were on translating transparency and information into risk mitigation in key capital markets, ASIC’s commitment to a consultative regulatory approach and the role of enforcement actions.
‘My personal view is that the existing law takes us a long way… there’s a lot I think that businesses should be doing now to get a grip on this subject. And we don’t need to wait for more regulation or government policy to tell people what to do.’ Joe Longo, ASIC Chair
1. Public and private markets are both critical, but there will be continued growth of private capital and private credit.
2. Regulation, in the view of the ASIC Chair, is not the primary reason for fewer public listings in the Australian market.
3. ASIC reaffirmed its preference for guidance and consultation over more rules - in both private markets and high-risk AI.
4. Good data and transparency are important in private markets. Greater information flows, including in relation to capital, liquidity and valuation practice, is a continued focus for ASIC. There’s a need for standardised, relevant and non-burdensome data reporting.
5. Super funds are growing in influence in both public and private markets.
Session 6 | Digital finance forecast: Trends in crypto, payments and innovation
What’s real in digital finance, what’s hype and what does it mean for productivity? Standard Chartered’s John Ho, Hong Kong Monetary Authority’s Yvonne Tsui and Titan Fund co-founder Shiau Sin Yen, hosted by KWM’s Urszula McCormack, explored the remarkable rise of digital assets in major markets, including Australia, the US and the Asian tigers.
‘It's an evolution. But the evolution has reached an inflection point.’
John Ho, Standard Chartered
1. Asia is powerfully embracing digital finance. Markets like Hong Kong and Singapore are rolling out clear frameworks and live use cases for digital assets, real-world asset tokenisation and payments. Asia’s young, tech-savvy population is driving adoption.
2. Positive policy and strong enabling laws boost confidence. Governments are focused on clear, enforceable rules that support innovation while protecting investors. Public-private partnerships pave the way for wide-scale market implementation.
3. Cross-sector partnerships - like those between banks, telcos and Web3 firms - are bringing new services to market and harnessing the benefits of digitalisation in safe, exciting, consumer-focussed ways.
4. Stablecoins and tokenisation are changing payments and investment. But the real game changer for financial markets will be programmable (atomic) transactions. Tokenisation of bonds, trade receivables, real estate and other real-world assets amplify the impact of trusted stablecoins which provide the essential ‘digital cash leg’.
5. Crypto is thriving. Major digital assets like Bitcoin are becoming part of the mainstream and being embraced by institutions and investors, with major companies, private investors and even governments cradling a share. Private funds, ETFs, listed companies and derivatives are providing investors with options for exposure.
Session 7 | Navigating the future: Board strategies for cyber security and AI innovation
Non-executive directors, Andy Penn (former Telstra CEO), Catherine Brenner and Richard Dammery, joined KWM’s Cheng Lim to share how boards can stay ahead of fast-moving cyber and AI risks.
‘Organisations must maintain a comprehensive inventory of digital assets to effectively manage cyber risk.’ Andy Penn, Non-Executive Director
‘I like to flip that and think about how we make [people] our really strong first line of defence. That's about transparency. It's about awareness, about rewarding rather than punishing speaking up.’ Catherine Brenner, Non-Executive Director
‘Awareness is necessary, but it's not sufficient. You have to go beyond awareness, to actually engineering-in the necessary protections.’ Richard Dammery, Non-Executive Director
1. Know what digital assets you have and protect them.
2. Use the right security framework for each asset. Not all digital assets are equal, so applying appropriate security frameworks (for example, NIST, Essential Eight) to your valuable assets is crucial to maximising business protection.
3. Test your crisis plan early. The worst time to develop a crisis plan is during a crisis. Undertaking simulations and conducting scenario planning are essential to a robust strategy.
4. Boards and government must work together on critical infrastructure. Effective defence to increasingly complex cyber scenarios requires strong collaboration between government and industry.
5. Stay alert. Threats evolve fast. What is secure today may not be secure tomorrow, so organisations must continue to monitor technological advances (for example, quantum computing) and adapt their strategies accordingly.
Session 8 | AI in the workplace: Transforming businesses
Business Council of Australia CEO, Bran Black, Sapia AI CEO, Barb Hyman, National AI Centre Director, Lee Hickin, University of Technology Sydney’s, Edward Santow, and KWM’s Sarah Clarke, John Tuck and Giacomo Giorgi discussed how AI is reshaping the workplace.
‘What we've found speaking to Australian workers is that they want that technology transformation to happen with them, and not just to them.’ Ed Santow, University of Technology Sydney
1. Australia needs AI-driven productivity for the stronger economy. Properly harnessed, AI could boost national output and translate directly into higher real wages and intergenerational fairness.
2. Workers want a say in how AI is used. Meaningful consultation, transparent decision-making and systematic upskilling, focusing on AI literacy, are essential to achieving adoption and unlocking genuine productivity.
3. Leadership and culture determine if AI has a meaningful impact within an organisation. Clear narratives, visible sponsorship and a culture that encourages experimentation will convert curiosity and fear into confident, value-creating use of the technology.
4. Use the current laws and fill gaps to build trust. AI-specific laws are not required, with an ‘augment and fill-the-gaps’ model preferred and one that relies on existing privacy, discrimination, safety and industrial relations frameworks, refined to address real risks.
5. AI’s real value is in better jobs and improved wellbeing, not just output. Measuring success requires a wider lens that captures customer experience, employee wellbeing and long-term economic dynamism alongside traditional efficiency metrics.
If you’d like to discuss any of the topics or how KWM can support your business in navigating the digital future, please reach out to any of the Key Contacts listed below.
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