Australia’s New AI Regulations Aim to Tidy Up the Chaotic Artificial Intelligence Market

The Australian federal government has introduced a proposed set of mandatory guardrails for high-risk artificial intelligence (AI) and a voluntary safety standard for organizations using AI. The guardrails focus on accountability, transparency, record-keeping, and human oversight of AI systems. The proposed requirements for high-risk AI aim to prevent or mitigate potential harms to Australians. The government is seeking public submissions on the proposals. The article emphasizes the need for well-designed guardrails to improve technology and calls for law reform efforts to clarify existing rules and enhance transparency and accountability in the AI market. It also highlights the information asymmetry problem in the AI market and suggests that businesses can take action by adopting voluntary AI safety standards to gather and document information about AI systems. The article concludes by emphasizing the importance of closing the gap between aspiration and practice in developing and deploying responsible AI systems.