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Australians still prefer brokers over AI for big money calls- study

Even as artificial intelligence tools become more common, Australians continue to place greater weight on professional advice when making major financial decisions, new research commissioned by Great Southern Bank indicates.

The bank's latest findings show 69% of respondents who had received guidance from mortgage brokers or financial advisers rated that guidance as more valuable than advice generated by AI.

More than half of Australians surveyed (56%) said they would be most likely to seek advice from a financial adviser, compared with about one in ten who would use AI.

The data forms part of the "Clever" phase of Great Southern Bank's third annual No Place Like Home report series, which tracks attitudes to long-term financial security and how they change across the homeownership journey.

AI use climbs, led by younger cohorts

While human advice remains the preferred source, the study indicates AI is increasingly being used for financial information. More than a quarter (27%) of Australians said they use AI platforms for financial information.

Usage was highest among younger groups: 38% of Gen Z and 34% of Millennials reported using AI to help inform financial decisions. That figure fell to 15% among Gen X and 5% among Baby Boomers.

The research also found that more than one in five Australians (21%) said they had received financial advice from ChatGPT or similar AI tools in the past 12 months.

Rolf Stromsoe of Great Southern Bank "We're seeing more Australians turning to AI for quick financial insights, particularly younger generations," said Rolf Stromsoe chief customer officer at Great Southern Bank. "While AI can be a helpful first step, it's important to cross-check everything you see online.

"These tools aren't a substitute for professional guidance. Financial decisions, like buying a home, are long-term and complex, and speaking with a professional help ensure your choices are well-informed and suited to your individual circumstances."

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Federal Budget 2026 | tony duong duotax 13th May | Proposed changes to negative gearing and capital gains tax (CGT) have been announced that may affect property investors.

Properties acquired before 7:30 pm AEST on 12 May 2026 will be exempt from the negative gearing changes. The CGT reforms will apply only to gains accruing after 1 July 2027.

The proposed measures include limiting negative gearing on established residential properties, replacing the current 50% CGT discount with a cost base indexation model, and introducing a 30% minimum tax on real capital gains.

New builds are exempt from these changes and are expected to receive favourable treatment.
Tax depreciation schedules and CGT valuations will continue to be important under the proposed rules, despite differing treatment by the ATO.

For further details of the announcement and its implications on your specific financial position, please contact your Tax Accountant for further advice on how it will affect you.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

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