AI alone could contribute more than $20 trillion to the global economy by 2030

The Morrison Government has opened consultation on digital economy regulation settings to position Australia as a leading digital economy and society.

Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, said the Government is seeking feedback on regulatory frameworks for automated decision making (ADM) and artificial intelligence (AI).

“It’s estimated that AI alone could contribute more than $20 trillion to the global economy by 2030,” Minister Hume said.

“It is important that outdated regulations do not mean Australia misses out on realising the benefits of these new technologies.

“AI will continue to bolster other digital technologies and elevate human knowledge and capability to new levels – thanks to AI it’s estimated there could be 1.2 million new technology jobs created by 2034.

“Modern regulatory settings are an essential foundation to grow these jobs and the digital economy. We’re asking innovative businesses and interested parties to share their views on improving Australia’s regulatory settings and systems through the opportunities presented by ADM and AI.”

The Government’s Digital Economy Strategy sets an ambitious vision for Australia to be a top 10 digital economy and society by 2030. A key part of this vision is delivering the right foundations – including smart, modern systems and regulation – that enables Australia to stay at the forefront of emerging technologies.

The issues paper sets out some of the opportunities presented by these technologies, and seeks feedback on regulatory issues that may impact innovative businesses, the community and government.

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