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The Australian government has outlined plans for regulating AI with a focus on human oversight and transparency.??
The country’s ruling administration has introduced 10 voluntary guidelines, as well as the launch of a month-long consultation to determine whether the rules should be made mandatory in high-risk situations.
Industry and Science Minister Ed Husic claimed to have “listened” to concerns in a statement on Wednesday to ABC News, setting out the need to “build trust”. He said that the benefits of AI are known, while emphasizing the need for protections to be put in place. He added that the threshold where self-regulation was still feasible had been passed.
This move by the ruling center-left Labor government follows dialogue with industry figures and the public over the last year, reflecting a demand for tighter scrutiny of AI development.
There was also a call from the AI sector for clarity so that compliance does not impede the path of opportunity.
The measures introduced could be likened to the AI Act introduced by the European Union.
Challenges and Opportunities Presented by AI
AI regulation is a topical matter and an item on the agenda of many governments at present, with the US and UK set to join a host of international signatories in support of The European Council’s AI treaty.
The rise of misinformation and threats posed to democracy by AI has heightened the concern of lawmakers and regulators across the world, leading to collaboration on solutions and a desire to put effective safeguards in place.
While there are challenges to be faced, AI also brings opportunities. The Australian government quoted estimates that anticipate Generative AI contributing AUS $45 billion to $115 billion (USD $30.3b to $77.4b) each year to the Australian economy by 2030.
Husic added that up to 200,000 jobs could be created in the same period.
