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Home » Australia Intends To Ban High-Risk AI Despite Economic Potential

Australia Intends To Ban High-Risk AI Despite Economic Potential

Van Tran by Van Tran
June 4, 2023
in Policy & Regulation
Australia Intends To Ban High-Risk AI Despite Economic Potential
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The Australian government has initiated an eight-week consultation to evaluate the possible need to ban “high-risk” AI tools. Similar efforts were made by the United States, the European Union, and China in recent months as they sought to comprehend and address the risks associated with the rapid development of AI.

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Concurrently, a consultation process was launched, set to run until July 26. During this consultation, the government actively seeks feedback on strategies to support AI’s safe and responsible use. It explores various approaches, including voluntary measures such as ethical frameworks, the need for specific regulations, or a mix of both. A direct question has been posed regarding the potential complete ban on high-risk AI applications or technologies. 

Options for potential AI governance. Source: Department of Industry, Science and Resources

On June 1, the Industry and Science Minister, Ed Husic, announced a “Safe and Responsible AI in Australia” discussion paper and a report on generative AI from the National Science and Technology Council.  The discussion paper includes a draft risk matrix for AI models as illustrative examples. It classifies AI in self-driving cars as “high risk” while considering generative AI tools like creating medical patient records as “medium risk.” 

#AI is already part of our lives. As the technology develops, we need to ensure it meets Australians’ expectations of responsible use. Be part of the @IndustryGovAu discussion, below. https://t.co/Gz11JCXlsG

— Australia’s Chief Scientist (@ScienceChiefAu) June 1, 2023

According to the discussion paper, AI adoption in Australia is relatively low, partly due to low levels of public trust. It references AI regulations in other jurisdictions and highlights Italy’s temporary ban on ChatGPT. Meanwhile, the National Science and Technology Council’s report acknowledges Australia’s capabilities in robotics and computer vision but highlights the country’s relative weakness in core areas such as large language models. 

The report also raises concerns about the concentration of AI resources in a few large multinational, primarily US-based technology companies, posing potential risks to Australia. Furthermore, it explores global AI regulation, provides examples of generative AI models, and discusses their potential impact on various sectors, including banking, finance, public services, education, and creative industries.

Tags: FeatureTop Crypto News Australia | CoinCulture
Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

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