The Federal Government is introducing mandatory guardrails for AI in high-risk settings
The potential for artificial intelligence (AI) to improve social and economic well-being is immense. AI development and deployment are accelerating and are already permeating institutions, infrastructure, products, and services. This often occurs undetected by those engaging with it.
The Australian Government’s consultations on safe and responsible AI have shown that our current regulatory system is not fit for purpose to respond to the distinct risks that AI poses.
Internationally, governments are introducing new regulations to address the risks of AI, with a focus on creating preventative, risk-based guardrails that apply across the AI supply chain and throughout the AI lifecycle. Australia needs a modern and effective regulatory system to unlock innovative uses of AI.
Last year, the government consulted with the public and industry about AI, and Australians told them they wanted to see stronger regulation so they can confidently seize the opportunities that AI presents. The next step was producing the Proposals Paper for Introducing Mandatory Guardrails for AI in Hisk-Risk Setting. This included a proposed definition of high-risk AI, Ten proposed mandatory guardrails, and three regulatory options to mandate these guardrails.
“Australians know AI can do great things, but people want to know there are protections in place if things go off the rails,” said Minister for Industry and Science Ed Husic.
“Business has called for greater clarity around using AI safely, and today, we’re delivering it,” he said.
The Tech Council estimates Generative AI alone could contribute $45bn to $115bn per year to the Australian economy by 2030, which is only six years away.