It is reported that the federal government has scrapped the planned $21.6 million AI Advisory Body, which took 15 months and nearly $200,000 to develop a shortlist of 12 nominees, following a shift in strategy from mandatory AI guardrails to a more flexible approach. This decision, communicated by Industry Minister Tim Ayres and Assistant Technology Minister Andrew Charlton, comes after the previous minister, Ed Husic, initiated the body to ensure safe AI practices. Instead, the government will establish a new AI Safety Institute at a cost of $29.9 million, aimed at testing and advising on AI regulations as they evolve, while leveraging existing laws to mitigate risks. The government emphasized that insights from the advisory body process would inform future AI policy, despite concerns from experts about missing critical regulatory opportunities.
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