Australia poised to maximise AI benefits with new risk-based approach

The Australian Federal government's proposed risk-based approach to regulating Artificial Intelligence (AI) is seen as a vital move for Australia to reap the maximum benefits from AI for the economy and wider society, says ACS. The approach will help adapt Australia's regulation for AI that's befitting a changing workforce for the next decades.

Josh Griggs, the Interim CEO of ACS greeted the Federal government's response favourably and expressed the organisation's readiness to collaborate with the proposed Temporary Expert Advisory Group. Mr Griggs stated, "Given the profound changes AI will make to the workforce in coming years, ACS welcomes the response and looks forward to working with the proposed Temporary Expert Advisory Group to ensure Australia has regulation that's fit for purpose over the coming decades."

Mr Griggs emphasised the importance of consultations with experts and industry leaders for creating regulations that will garner the benefits of AI and mitigate potential risks arising from the misuse of this emerging technology. He explained, "Consulting with experts and industry leaders is going to be critical in ensuring that any regulation reaps the benefits of AI while mitigating the real risks presented from misuse of the emerging technology."

According to the 2023 Digital Pulse report by ACS, the impact of AI will be quite significant, as they forecast 75% of Australian workers will have their roles changed by AI. Griggs stressed on the need for comprehensive support for industries through robust frameworks and advocated for skill development programmes to facilitate smooth transition. He remaining firm on ensuring careful and consistent regulation to foster Australia's capabilities in a safe and responsible way.

It's worth noting that the November's ACS Digital Pulse report had flagged AI as a potential disruptor for the Australian economy. The report found that by the end of this decade, more than half of the nation's businesses will be utilising AI, data analytics and robotics. In light of this, ACS recommended that Australia can tackle the challenges posed by AI through various initiatives such as educational and training programs, a national skills platform, career transition support towards tech roles, programs to drive diversity in tech and particularly to boost Women in Tech, assisting skilled migrants to effectively utilise their abilities and guiding industries in implementing necessary frameworks.

In conclusion, Mr. Griggs stated, "We look forward to working with the Federal government, industry, educators and all key stakeholders to ensure Australia maximises the benefits from AI and associated technologies over the coming decade." He iterated ACS's commitment to work in tandem with all stakeholders to ensure that Australia gets the maximum advantages from AI and related technologies in the next decade.