Australia needs to adopt an AI framework that safeguards the community, while also encouraging businesses to use this technology which will increase productivity, according to the Business Council.
Business Council of Australia Chief Executive Bran Black said the Government's proposal paper on AI, which was released today, is a good first step at examining what the appropriate guardrails could be.
"Productivity in Australia is at its lowest point in decades, and artificial intelligence provides a major opportunity for workers and businesses to be more productive and share in the resulting economic benefits," Mr Black said.
"Key to the successful integration of AI into the Australian economy will be striking the right balance between protecting individual rights while also ensuring our nation is best placed reap the productivity benefits AI will bring.
"We are supportive of a risk-based approach to AI which puts in place appropriate regulatory settings, ensuring protections are in place without stymieing growth."
Mr Black noted any considerations of new regulations needs to ensure that we are not duplicating existing laws, which will make it harder for businesses of all sizes to comply.
"Making regulation simple and easy to follow will be key in making sure we can truly unlock the benefits of this technology," he said.
"Any duplication in regulation will be a hurdle to boosting our productivity and potentially impact our ability to be internationally compatible."
Mr Black also highlighted that a number of the risks with respect to crime and illegal activity already have substantial laws in place that operate to reduce harm to the community.
"Our existing regulations already address many of the potential challenges AI may cause if it is used maliciously."
"We acknowledge the need for a regulatory framework with respect to AI, but we should reject the idea that more regulation means better outcomes - ultimately it's critical that we apply great scrutiny to any potential new regulations to ensure protections don't unreasonably come at the expense of innovation.
The BCA supports more consultation with Government to make sure the right balance is struck between safeguarding communities and leveraging the benefits of AI technologies.
