AI Cuts: Tech Giants Trim Workforce, Upskill Trades

0:00On March 14th, here's the latest out of Sydney. Australia's leading tech firms are making deep job cuts amid the rise of artificial intelligence. Why is tech announced plans to reduce up to one-third of its roughly 7,000 workers? Block, owner of Afterpay revealed a 40% staff reduction, affecting around 4,000 people globally including in Australia, at Lassian followed with a 10% cut, impacting 1,600 employees. New CEOs at these companies point to AI as a game changer. They argue smaller teams paired with smart tools can handle more work, ending the need for large coding staffs. This shift comes after major moves like WiseTech's $3 billion acquisition that doubled its headcount overnight. Tech workers now grapple with fears of obsolescence from the tools they help build. Critics call it AI washing, where firms blame tech hype for trimming bloated payrolls and boosting falling stock prices. At Lassian admitted the cuts free up cash to adapt products before rivals do. Job listings across Australia are holding steady after

1:04a long slowdown, with no clear signs of AI wiping out roles yet. Experts agree widespread displacement isn't here, but warn it could hit entry-level office jobs within five years. Meanwhile, giants like BlackRock are investing $100 million to train electricians, plumbers, and other traits people. They see these skills as key to building the infrastructure that powers AI's growth. The Daily News Now is powered by our sponsor, Lincoln the Description, your favorite podcasts, music or sleep sounds coming from your pillow, no earbuds, no distractions, just listen and relax.