This study explores the use of generative artificial intelligence (AI) in higher education from a student perspective. Using survey and interview data from business undergraduates on their main uses of generative AI, and their perceived benefits and drawbacks, this study explores AI use for the augmentation and automation of learning. Though students report AI uses that have the potential for both the automation of existing learning tasks, and for higher level learning and creativity augmentation, the main perceived benefits are focused on automation and immediate productivity outcomes. We conclude that the interplay between using generative AI for automation, augmentation or both is a useful lens for providing valuable insights for the responsible integration of generative AI in higher education.