The right balance needed in AI regulation to harness economic opportunities and manage risks

17 January 2024

The Business Council says artificial intelligence will play a crucial role in Australia’s future economic success and prosperity and it will be important the Government strikes the right balance between opportunities and risks.

BCA Chief Executive Bran Black said it was welcome news that existing laws and regulation would be the starting point to manage AI risks, as announced by the Federal Government in their interim response to consultation released today. 

“The use of artificial intelligence can make our businesses more competitive and productive and that’s good for growth, investment and more Australian jobs,” Mr Black said.

“We have always said it is appropriate for the approach to artificial intelligence to be risk-based and use existing laws and regulation where possible, and it is good to see the Government has heard this message.

“Government and businesses need to be nimble and have the ability to deal with both the opportunities and risks that AI provides our economy and businesses.

“A risk-based approach to further regulation will need to be developed in close consultation with businesses and we welcome the announcement of an expert advisory group to work closely with the Government on these changes.” 


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