It is reported that the Albanese government has urged for immediate local innovation to potentially generate $100 billion for the Australian economy, cautioning against the “Uberisation” of the economy, which could result in profits flowing offshore. In his speech delivered to the Australian Business Economics conference, Assistant Technology and Digital Economy Minister Andrew Charlton emphasized that while AI can enhance productivity, the benefits may not accrue to Australians if the technology is owned abroad, as Australia holds only 0.18% of global AI patents. Charlton advocates for domestic ownership of AI tools to ensure shared economic gains and has been tasked with developing a national AI plan. Despite government ambitions, tech companies stress the need for expedited data center rollouts and relaxed copyright laws, which currently hinder AI development. Recent polling indicates a growing public demand for stricter AI regulations, with 36% favoring a strict approach, reflecting concerns over safety and accountability. Charlton highlights government initiatives supporting the tech sector, while also noting that capturing a larger share of the global AI market could significantly benefit the local economy.
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