Points of Interest – Summer 2020 Bad driver

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Go gadget go!

This article, by Justin Baiocchi, was originally published in The Northern Daily Leader on 11 March 2017.

I recently set up a Wi-Fi enabled indoor/outdoor weather station at home. From anywhere in the world it allows me to log in and check the temperature both indoors and outside; investigate CO2 and sounds levels in the kitchen and a host of other functions. If I could be tempted to pay for the optional extras it would also automatically measure rainfall and wind speed, all nicely plotted with charts and diagrams. At the same time I also set up a bunch of Chromecast Audio devices. These nifty little devices allow you to connect all your old stereos and sound systems to your home network. You can stream music to every room in the house at the same time, or just to a particular room if you felt like it. No need for an expensive new sound system, as one of these turns your old boom-box into a smart radio. And all this technological whiz-bangery is on top of the solar-powered internet relay station I had to build in the top paddock to beam the internet down to the house. The fact is, the average house these days probably has more technological devices and gadgets than the first few shuttles that NASA sent into space. We take it for granted that we can hold a video conversation with someone on the other side of the world while sitting in the kitchen holding a mobile phone. I’ll bet that NASA wished Skype existed 50 years ago – no question of the moon landings being faked, we could have all watched it live on our phones.

Technological change has not missed the financial sector either. Some people have a financial adviser they’ve never met; having only ever had conversations via video. If a video relationship isn’t your thing, you can let a computer make investment decisions for you – just upload your portfolio (and credit card details), click ‘Go’ and sixty seconds later get back a computer generated report telling you what to buy and sell. Automatic spare change investments, peer-to-peer lending; crowdfunded capital raisings, fractional residential property investment…the list of investment-related technological initiatives is a long one. However, it’s probably worth asking whether or not all of the clever technological advances actually result in better outcomes? Just because a computer can select a portfolio for you and deliver it in a snazzy way straight to your mobile phone, should you let it? While it might be fun (for a while) to check the temperature in my house from anywhere in the world, would I want my weather station to look after my life savings? Not before hell freezes over – an event my weather station tells me is most unlikely.