The Albanese Government is making AI in Australia safer with two important announcements today.
Last year the government consulted with public and industry about AI, and Australians told us they wanted to see stronger regulation.
Business asked for clarity on AI regulation so they can confidently seize the opportunities that AI presents.
The Tech Council estimates Generative AI alone could contribute $45 billion to $115 billion per year to the Australian economy by 2030.
That's why earlier this year the government appointed an AI expert group to guide our next steps.
Their work informed the Government's Proposals Paper for Introducing Mandatory Guardrails for AI in High-Risk Settings which includes the following key elements:
- A proposed definition of high-risk AI.
- Ten proposed mandatory guardrails.
- Three regulatory options to mandate these guardrails.
The three regulatory approaches could be:
- Adopting the guardrails within existing regulatory frameworks as needed
- Introducing new framework legislation to adapt existing regulatory frameworks across the economy.
- Introducing a new cross-economy AI-specific law (for example, an Australian AI Act).
Today we're also releasing a new Voluntary AI Safety Standard with immediate effect.
It provides practical guidance for businesses where their use is high risk, so they can start implementing best practice in the use of AI.
The Standard give businesses certainty ahead of implementing mandatory guardrails.
In step with similar actions in other jurisdictions - including the EU, Japan, Singapore, the US - the Standard will be updated over time to conform with changes in best practice.
This new guidance will help domestic businesses grow, attract investment and ensure Australians enjoy the rewards of AI while managing the risks.
Consultation on the Proposals Paper for Introducing Mandatory Guardrails for AI in High-Risk Settings is open for four weeks, closing 5pm AEST on Friday 4 October 2024.
