Australia is being urged to curb the guardrails imposed on high-risk artificial intelligence as the technology can provide a solution to the country's withered productivity.
AI is touted as a tool that can transform the global economy, and according to an interim report from the Productivity Committee, it is expected to add more than $116 billion to Australia's economic activity over the next decade.
Independent advisory bodies to the federal government have acknowledged the risks associated with AI, but warned that “inadequately designed” regulations curb adoption and development, limit their benefits, and calling for governments to introduce technology-specific regulations as a last resort.
“Adding the entire economy targeted at AI will put Australia behind the curve and limit opportunities for potentially significant growth,” Commissioner Stephen King said.
“Like other new technologies, AI comes with risks, but by improving and modifying rules and frameworks that already exist, many of these risks can be addressed.”
Federal consultations on AI discovered that Australia's regulatory regime was not suited to address the risks it raised, and urged the federal to ask for 10 proposed essential guardrails to high-risk AI, which aims to reduce the likelihood of harm from development and deployment.
AI can amplify bias, contribute to misinformation and misinformation, spread the content of extremists, and create other new risks, the government's report found.
Others have also raised concerns about the substantial amount of water and energy needed to implement generative AI.
However, the Productivity Committee believes that the proposed guardrail should only be applied if existing regulatory frameworks cannot mitigate harm or “technological neutral” regulations are not possible.
“The steps to mandate guardrails should be suspended until the government completes a review of the gaps raised by AI in existing regulatory structures.”
AI is expected to be a key concern at Jim Chalmers' Economic Roundtable on Productivity, which will be held in the second half of August.
“The impact of AI on our economy is uncertain, but there are good reasons to be optimistic,” he said.
“If we treat artificial intelligence as enablers rather than enemies, we can allow workers to listen and expand, and deploy artificial intelligence in a way that aligns with our values.”
