A recent report from the Productivity Commission suggests that Artificial Intelligence (AI) could significantly boost the Australian economy by over $116 billion in the next decade, provided the government refrains from imposing stringent regulations. The commission advises a rethink of the current legislative framework instead of rushing towards “mandatory guardrails” aimed at managing high-risk AI technologies.
Productivity Commissioner Stephen King emphasised that while AI does pose certain risks, these should be managed by refining existing regulations rather than creating new, potentially restrictive rules. The report warns that excessive regulations targeting AI could hinder Australia’s growth potential, limiting opportunities in a rapidly evolving sector.
The proposal indicates that tailored AI regulations should be a last resort, enabling the technology to contribute substantially to economic growth and potentially increasing the average real wage by $4,300 for Australians over the next decade. However, the commission also acknowledged the disruptive effects AI could have on the workforce, possibly displacing workers in various sectors.
Treasurer Jim Chalmers described AI as a “game changer” for Australia’s economy, stating that it is crucial to ensure that the evolution of AI benefits people rather than disadvantaging them. Both sides of parliament recognise the necessity for regulations, advocating for a balanced approach that does not stifle innovation while still providing adequate safeguards.
Debates are rising concerning the rights of tech firms to utilise personal data from Australians, including artists and media content, for training their AI systems without proper compensation. Opposition Leader Sussan Ley and Nationals Senator Matt Canavan expressed concerns regarding the fairness of allowing large technology companies to profit from content without compensating creators.
As discussions around AI intensify, it is anticipated that these issues will be central to an upcoming economic reform roundtable, highlighting the need for a clear regulatory framework that promotes innovation while protecting individual rights and interests.