Tech Council of Australia welcomes risk-based approach to regulating AI

Tech Council of Australia welcomes risk-based approach to regulating AI

The Tech Council welcomes today’s announcement that the Australian Government will adopt a risk-based and proportionate approach to AI regulation.

“Providing clarity on the Australian Government’s approach to AI regulation is good for business and consumer confidence. It means businesses can better plan for building, investing in and adopting AI products and services, and the public can take confidence that AI risks are being safely managed and regulated in Australia.”

This approach is the best way to balance innovation with the need to ensure that AI is developed safely and responsibly”, said Tech Council CEO Kate Pounder.

Australia has a sound, existing legal framework relevant to AI, and expert regulators that regulate products using AI, including in areas such as health and financial services. The TCA welcomes the Government accepting our recommendation to undertake a gap analysis to build on this existing work as the first step to getting Australia’s regulatory framework right.

TCA also supports the establishment of an expert advisory body. This was one of TCA’s key recommendations to help drive a consistent, practical and well-coordinated approach to AI regulation across the economy.

To fully realise the potential of AI, Australia must also look beyond regulation towards enabling uptake in the technology. “We need to build our tech talent pipeline, upskill our workforce, increase investment in AI research, development, and commercialisation, provide organisations with the right AI tools and assurance frameworks, and build digital literacy across the community”.

The TCA looks forward to continued collaboration with the government and other stakeholders to refine and implement a risk-based approach to regulating AI, as well as on the development of an AI Safety Standard and options for labelling and watermarking of AI generated materials.

This collaboration will ensure Australia harnesses the transformative power of AI for the benefit of all Australians.