AI to be 'greatest change since electricity': Keating

He spoke at Sydney Recital Hall with international affairs expert James Curran about the historian's new book, Grand Ambition.

The book details Mr Keating's vision for Australia's role on the world stage during his time in power.

While speaking about what Australia needed to do to boost its productivity, Mr Keating said structural change - which had been lacking since the introduction of the GST in 2000 - was required.

He said Australia needed to boldly take on the challenges posed by AI.

"(Artificial intelligence) I think is going to be... certainly since the discovery of electricity, the greatest agency for change," he said.

He commended the federal Labor government's recent changes to the capital gains tax to make housing more affordable as an example of the kind of change needed in the future.

"And if we've lost 10 or 15 per cent house values, so what?" he added.

Mr Keating has long been a critic of Australia's foreign policy, and in particular of the AUKUS defence agreement.

He reiterated on Wednesday that Australia needed to "look after itself" rather than rely on the US and the UK.

"In these arrangements with the Americans...and the British, we've lost sovereignty," he said.

However, Mr Keating said he broadly supported the foreign policy of US President Donald Trump, who he said was trying to avoid a third world war.

"He's the only one being prepared to deal with Russia (and) China independently," he said.

"This is why he's friendly with (Chinese President) Xi Jinping."

In May, Mr Keating criticised Opposition Leader Angus Taylor as unfit the govern after the release of the Liberals' new immigration policy, which would see migrants booted if they did not align with Australian values.

He described the policy as racist, an echo of Mr Trump and an attempt by the Liberal Party to counter a surge in voter support for One Nation.

Mr Taylor, in response, said the former Labor leader was out of touch and did not support Australia's values.

Mr Keating was prime minister from 1991 to 1996, taking over from Bob Hawke and succeeded by John Howard after the coalition's landslide victory.