AI will add $116 billion to the Australian economy over the next decade by making workers more productive, according to the Productivity Commission, which has urged the government to resist new regulation to take full advantage.
The Commission’s new report dampens some of the tech sector’s more optimistic claims about AI’s impact but says the opportunity is genuine, could grow, and will benefit from the use of existing regulation.
It calls on the Albanese government to pause its multi-year project to implement new mandatory guardrails for high-risk AI, at least until an analysis of how existing regulations can be adapted to the technology is complete.
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