Australia
Federal government considers banking and aviation laws for AI regulation
The federal government is considering aviation and banking regulatory frameworks as models to force artificial intelligence companies to manage technology risks.
The federal government is considering adapting regulatory frameworks from the banking and aviation sectors to govern the rapidly evolving artificial intelligence industry. Under the proposed approach, artificial intelligence developers would be legally required to demonstrate that they can actively identify and manage potential risks associated with their technologies.
According to reporting by wire services, the government is looking to these highly regulated fields as it drafts new safety standards for the technology sector. Banking and aviation both rely on strict, pre-emptive risk management frameworks where operators must prove their systems are safe before they are deployed to the public.
The move reflects growing concern among policymakers about the potential societal and economic disruptions posed by unregulated artificial intelligence. By applying models used in finance and air travel, the government aims to establish a system where technology firms must take proactive responsibility for the safety of their products.
Specific details of how these laws would be implemented, including which government bodies would oversee compliance, remain unconfirmed. It is also not yet clear what penalties artificial intelligence companies would face if they fail to meet the new safety standards, or how the regulations would apply to international developers operating within Australia.
Industry consultation is expected to play a key role in refining these proposals. The government has yet to release a draft of the legislation, and the exact timeline for its introduction to parliament remains unspecified.
Watch for the release of further policy detail or draft legislation as the government consults with technology industry stakeholders on the proposed rules.
This report draws on original reporting by Wire report.
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