The Productivity Commission has cautioned against the premature implementation of specific AI legislation, suggesting it should only be pursued if existing laws prove inadequate. The commission's stance is that overly strict regulations could impede the technology's development and its potential to contribute significantly to the economy.
They estimate AI could inject over $116 billion into the economy within the next ten years. The commission suggests a measured approach, prioritising adaptability and avoiding rigid rules that could quickly become obsolete in the rapidly evolving AI landscape. This approach aims to strike a balance between managing potential risks and fostering an environment conducive to innovation and economic growth.
Instead of rushing into new laws, the commission advocates for utilising and adapting current regulatory frameworks to address AI-related challenges. This would allow for a more flexible and responsive approach, ensuring that regulation keeps pace with technological advancements without stifling progress.
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