Technological progress rarely eliminates human value. It moves it. Each wave of innovation makes some capabilities abundant and others scarce. The value of a general-purpose technology sits in its complements: data, skills, workflows, governance and judgement. EMI invented the CT scanner and lost the market. Kodak invented the digital camera and went bankrupt. AI repeats the pattern, and who captures its value will turn on who builds the complements. The implications reach bu

General-purpose AI is a name that captures raw capabilities: models, compute, and data centres. Industrial AI names that capability once an economy has built the complements around it through redesigned work, new skills, better data and supporting institutions. This working paper explains why productivity gains have been slow to appear, examines Australia's data centre investment debate, and sets out what the Commonwealth, the states and businesses can do to turn AI capabilit