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Artificial Intelligence: Should Regulators Have a Light Touch with Rules?

Australian Financial Review

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Date Published
13 Nov 2024
Priority Score
3
Australian
Yes
Created
10 Mar 2025, 10:27 pm

Authors (1)

Description

Managing AI risks is all about making the most of the human safety net.

Summary

The article explores the debate over whether AI regulations in Australia should be minimally invasive, emphasizing the reliance on existing regulatory frameworks. The Business Council of Australia suggests that a light-touch regulatory approach could prevent businesses from being overwhelmed by unnecessary bureaucracy. This discussion is pivotal in shaping Australia's AI governance, potentially opting for a more flexible model compared to the EU's stringent regulations. It also highlights the strategic considerations at a juncture where global AI safety measures must balance innovation with protection against existential risks.

Body

TechnologyAIPrint articleAlexandra CainNov 13, 2024 – 5.00amSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginRegulators should adopt a light touch to governing AI and rely onexisting regulationsas much as possible, rather than creating new ones, or risk bogging down business with more red tape, according to the Business Council.“We’re at a critical juncture in terms of the government’s approach to AI regulation and the type of model we apply in Australia, whether that’ssomething closer to the EUand Canadian model, or one that is more flexible,” says Bran Black, CEO of the Business Council of Australia.Loading...SaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreAIBusiness Council of AustraliaTelstra CorporationAFR ReportsSalesforceFetching latest articlesOlympic weightlifting is hard. This boss uses the 1pc rule to get it doneLucy DeanOut-of-control watch price rises give housing a run for its moneyKnow your craft: How the biggest airlines rate at the pointy endJun Bei Liu: How I learnt to speak upSally Patten and Lap PhanThe four actor ‘tricks’ giving executives more confidence‘We’ll fight’: Alex Waislitz on family battles and bad betsA last-chance tote bag and a groovy case for trumpetersEugenie KellyThis machine can bring out the creative streak you never knew you hadThis data-driven wellness retreat is a haven for high-flyersBillionaire Nicola Forrest appoints UBank boss to run family officePrimrose RiordanVictor Smorgon’s star fundie eyes 50pc returns for new fundForrest family powerbroker had alleged role in big Fortescue decisions