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The Australian Government is considering new measures to regulate the use of artificial intelligence amid predictions it could add up to $4 trillion to the economy within a decade.
In the Safe and Responsible AI in Australia discussion paper, the Government is mulling methods to make AI “safe and responsible” with “high risk” AI on the line for full-blown bans.
In the last Federal budget, the Government tabled $101.2 million over five years “to support businesses to integrate quantum and artificial intelligence (AI) technologies into their operations”.
However, the new report examines the existing regulatory and government responses both domestically and internationally, identifies potential gaps, and proposes options to strengthen the framework.
It is now calling on the technology industry to respond to a consultation until 26 July.
Citing a report by McKinsey, which estimated that automation could cumulatively add between $1.1 trillion and $4 trillion to the Australian economy by the early 2030s, the report said algorithmic bias is often raised as one of the biggest risks or dangers of AI.
Other risks include: generating deepfakes to influence democratic processes or cause other deceit; creating misinformation and disinformation and encouraging people to self-harm.
“Using AI safely and responsibly is a balancing act the whole world is grappling with at the moment,” said Minister for Industry and Science Ed Husic.
“The upside is massive, whether it’s fighting superbugs with new AI-developed antibiotics or preventing online fraud. But as I have been saying for many years, there needs to be appropriate safeguards to ensure the safe and responsible use of AI.
“Today is about what we do next to build trust and public confidence in these critical technologies.”
In April, the governments of both the US and China issued announcements related to regulations for AI development. Meanwhile the EU and the United Kingdom are both currently grappling with their own regulatory positions.
