Australia will be left behind if it does not embrace massive economic reform being driven by technological advancements, CEDA says.
A CEDA report predicts five million jobs or almost 40 per cent of Australian jobs that exist today will be replaced by computers in the next two decades.
CEDA chief executive Professor Stephen Martin says the labour market will be fundamentally reshaped and Australia will get left behind if it is not planning and investing in the right areas.
"Government, industry, the community generally have to work together as we embrace the changes that computerisation and the digital disruption changes that are coming," he said.
"We don't quite know what those jobs of the future will be but we need to start preparing for them."
Prof Martin says the five industry growth centres announced by the federal government last year should be critical in driving innovation, but only $190 million has been allocated over four years.
"Currently the commitment needed to link education and innovation policy with funding is appalling compared to other countries and Australia's industry innovation strategy is woefully underfunded compared to global competitors."
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