A new report from the productivity commission has warned the Federal Government against over-regulating AI, finding the new technology could add over $100 billion to the Australian economy.

Canberra

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Australia's Productivity Commission has released a report indicating that artificial intelligence could contribute over $116 billion to the national economy in the coming decade. The report recommends that the government pause on implementing mandatory guardrails for high-risk AI, suggesting a balanced approach to regulation. 

The creative industry has expressed concerns that insufficient regulation could result in significant financial losses, drawing parallels to past disruptions in the music industry. However, the government has stated that existing copyright laws are adequate and has no plans for immediate changes. The issue is set to be a major topic at an upcoming Productivity Roundtable in Canberra.

AI could contribute over $116b to Australian economy

In a room full of investors worth a combined $3 trillion, the smell of productivity was in the air. Trying to find an opportunity in an interview to use the phrase, whoever smelt it dealt it. LAUGHTER I think it's a good time to point out the feedback about you. As Treasurer Jim Chalmers talks up the future of Australia's economy and... AI, very topical at the moment. According to the Productivity Commission's latest report, artificial intelligence could add more than $116 billion to Australia's economy over the next 10 years. But with new technology comes new risks. There's a middle path here. You can overdo it and you can underdo it when it comes to regulation of AI. With the Productivity Commission recommending the government pause steps to implement mandatory guardrails for high-risk AI. There's very wishy-washy language coming from this government. Australia's creative industry agrees, warning the sector could lose half a billion dollars in just four years if AI isn't properly regulated sooner rather than later. We saw it with the disruption to the music industry 20 years ago with the arrival of Napster. The government, though, isn't concerned. Well, Australian copyright law applies now. We have, you know, no plans to make changes in relation to this question. Boosting productivity is a major goal for Labor in its second term. And that has been seen quite clearly with the fast establishment of this Productivity Roundtable to take place in Canberra later this month. Artificial intelligence, one of the big-ticket items. And how that is perceived will well and truly shape future reform. If we finish up those three days and the worst we've got is a whole bunch of ideas, then that would be a great outcome.

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Fort Stewart

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Moscow

Ukraine Invasion

Witkoff, Putin had 'useful and constructive conversation'

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Washington

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Hiroshima

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Beijing

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Jerusalem

Middle East Conflict

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Kyiv

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State of Rio de Janeiro

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Beirut

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Ottawa

Canadian military makes aid drop into Gaza

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Geneva

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Global Tariffs

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Tel Aviv-Yafo

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Rome

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Sana'a

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Santa Barbara

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Kamchatka Peninsula

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AI could contribute over $116b to Australian economy

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Rise of AI