Minister for superannuation, financial services and the digital economy, Jane Hume, said the move is designed to position Australia as a leading digital economy and society and government is specifically looking to consult on automated decision making (ADM) and artificial intelligence (AI).
Ms Hume said it’s estimated that AI alone could contribute to over $20 trillion to the global economy by 2030.
“It is important that outdated regulations do not mean Australia misses out on realising the benefits of these new technologies,” she said.
“AI will continue to bolster other digital technologies and elevate human knowledge and capability to new levels – thanks to AI it’s estimated there could be 1.2 million new technology jobs created by 2034.
“Modern regulatory settings are an essential foundation to grow these jobs and the digital economy. We’re asking innovative businesses and interested parties to share their views on improving Australia’s regulatory settings and systems through the opportunities presented by ADM and AI.”
Consultation is now open and closes on 22 April 2022.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
