The chairman of the corporate regulator has told a senate hearing that Australia’s current regulatory framework is “probably inadequate” to protect against new harms created by artificial intelligence. Appearing at the Senate inquiry into adopting artificial intelligence, ASIC chairman Joe Longo said existing laws are technology-neutral, however, the current regime will likely need to be beefed up as AI is adopted more broadly.
“I think that our current regulatory framework is probably inadequate, and we need to do more. But what that framework is, that is going to take a lot of debate.” ASIC is currently monitoring how 20 entities are using AI and advanced data analytics and will report the findings of the review in the second half of the year. Longo said his initial impression of the review was that “AI had become a top priority for businesses. “It’s quite remarkable.