In June 2023, the Australian Government released a discussion paper titled ‘Safe and Responsible AI in Australia’. Through the consultation, the Government are seeking system-wide feedback on actions that can be taken across the economy on AI regulation and governance and advice on steps Australia can take to mitigate the potential risks of AI.
Alphinity have made a submission in response to this paper, outlining our views related to the risks and opportunities associated with AI technology and the role of regulation in supporting the responsible application of AI. Throughout this submission, we have emphasised that although we support the Government’s view that regulation around AI is needed to ensure the technology is applied responsibly, we believe that the role of regulation is to provide governance, management and reporting structures in order to mitigate the most extreme risks and concerns, and should not be overly prescriptive. As this is such a new and evolving space, we believe it is extremely important that regulation still leaves space for innovation and ingenuity from within industry.
We fundamentally believe that the advanced use of AI has the potential to make businesses more efficient, reduce costs and overheads, revolutionise business practices, and generate revenue from new or enhanced products and services. It also has the potential to help solve complex environmental and social challenges such as diversity and inclusion, health and safety, and climate change. For these opportunities to be realised however, the governance, design, and application of AI needs to be undertaken in a responsible and ethical way which manages the key risks appropriately. We believe stronger frameworks and rules for the responsible application of AI will give greater confidence to the business and investor community and unlock significant potential for future revenue and growth.
[button-link link=”https://www.alphinity.com.au/wp-content/uploads/2023/07/2307_-ALPH-Governement-RAI-Submission.pdf”]Read more about our views in our response [/button-link]
More information on the Government Consultation process is on the website Consultation hub | Supporting responsible AI: discussion paper – Department of Industry, Science and Resources
