Big business says it will transform productivity. Unions say it will destroy jobs. Labor's in the middle
The federal government has been mulling new laws or regulations to limit the potentially damaging effect of some automated tools, mirroring moves in Europe. The EU attracted the wrath of US Vice-President JD Vance, who said in February that 'excessive regulation of the AI sector could kill a transformative industry'.
Australia's most influential corporate lobby group, the Business Council of Australia, is calling on Prime Minister Anthony Albanese to shun calls for heavier regulation stemming from the ethics debates surrounding advances such as OpenAI.
The argument to avoid curbs puts the business lobby on the side of Treasury secretary Steven Kennedy, who said last week that AI presented immense economic opportunities and existing regulations should be favoured instead of new rules. But unions are pushing for federal regulations to protect workers, setting up a fresh contest on industrial relations in Labor's second term.
BCA boss Bran Black wants schools to teach about AI in primary school and is arguing for large boosts to research in the sector to drive up Australia's sagging rate of productivity and material living standards.
Australia must avoid EU-style laws which are too broad, according to Black, a former adviser to ex-NSW premier Dominic Perrottet.
'We should always start from the premise that the application and use of AI is overwhelmingly positive and will increase our collective prosperity,' Black told this masthead.
The BCA is pointing to existing applications of AI to prove its potential as an economic boon, including Commonwealth Bank using machines to read documents, BHP using the technology to manage resources and save water, and Salesforce addressing 84 per cent of customer inquiries without human involvement.
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