Pioneering Progress: The Future of AI Within Australia - Critical Considerations and Responsibilities Leading Into 2024

Artificial Intelligence (AI) is one of those technologies, like advances in gene editing or quantum computing, which has the power to change life itself. It has the potential to transform economies, unlock new societal and environmental value, and accelerate scientific discovery. With AI estimated to be worth AU$22.17 trillion to the global economy by 2030, the global race to lead in AI is well and truly underway. A major report by the Productivity Commission found AI could add between $1-4 trillion to the economy in the next decade, supercharging Australia's current annual GDP of about $1.5 trillion.

Given this, Australia has a vision of being a global leader in the development and adoption of trusted, secure, and responsible AI, with the intention of:

• Lifting the development and adoption of AI to create jobs and boost productivity
• Growing and attracting world-class talent and expertise
• Harnessing our world-leading AI capabilities to solve national challenges and benefit all Australians
• Ensuring AI technologies are responsible, inclusive, and reflect Australian values

To enable this, we are currently in the midst of a six-year initiative of $124.1 million investment to build Australia’s AI capability. 

This includes:

• $53.8 million over 4 years to create the National AI Centre and 4 AI and Digital Capability Centres – Together these centres will drive the adoption and use of AI technologies by Australian businesses, to improve productivity and lift competitiveness. This measure will use a national approach to coordinate Australia's AI expertise and capabilities and lay the foundations for a strong Australian AI and digital ecosystem.
• $33.7 million over 4 years to support Australian businesses to partner with the government to pilot AI projects – The projects will focus on developing AI‑based solutions to national challenges that will also have job creation, economic recovery, and social benefits.
• $24.7 million over 6 years to establish the Next Generation AI Graduates Program – This program aims to attract and train home-grown, job-ready AI specialists. It will address industry skills shortages and develop a diverse pipeline of talented specialists.
• $12.0 million over 5 years to catalyse the AI Opportunity in our Regions program – This measure will provide up to 36 co-funded competitive grants. Funding will incentivise AI practitioners to engage with regional businesses to develop AI solutions for regional problems. It will provide opportunities to build greater awareness of the benefits of AI throughout regional communities.

While new AI technologies can grow our economy and improve our lives, they may also have risks. Citizens need to be able to trust that AI will be used ethically, safely, and responsibly. 

With the recent surge of use in Generate AI tools accelerating the potential to reshape society, the federal government has recently outlined its intention to regulate artificial intelligence, saying there are gaps in existing law and new forms of AI technology will need safeguards to protect society.

Industry and Science Minister Ed Husic has outlined two goals for the government: first to ensure that businesses can confidently and responsibly invest in AI technologies, and second to ensure appropriate safeguards, in particular for high-risk tools.

There are strong foundations for Australia to be a leader in responsible AI. In 2019 we were one of the earliest countries to adopt an Artificial Intelligence Ethics Framework. Since then, several nations including the United States, the European Union, the United Kingdom, and Canada have introduced legislation or made plans to regulate AI, while Australia's AI framework has remained voluntary.

The framework has ethical principles to ensure AI applications are safe, secure, and reliable. But as AI innovation speeds up, we need to make sure we can keep taking advantage of AI while protecting Australians. The federal government is also concerned about ensuring that any regulation can help to develop the industry and not stifle it, meaning the government must involve the industry in designing any laws for AI.