A renewed debate in the Australian startup sector questions the future of SaaS as AI agents introduce autonomous capabilities. While the launch of tools like Anthropic’s Cowork has prompted concerns over value compression, investors suggest the industry is undergoing a reset rather than an ending. This report outlines the shift from seat-based subscriptions to action-based pricing, the rising importance of risk governance, and how major vendors like Microsoft and Salesforce are adapting to an agent-driven market.