Australia’s Productivity Commission has released its interim report in relation to its inquiry into harnessing data and digital technology. The report presents draft recommendations focused on four key policy reform areas: (1) Enable AI’s productivity potential; (2) New pathways to expand data access; (3) Supporting safe data access and use through outcomes-based privacy regulation; and (4) Enhance reporting efficiency, transparency and accuracy through digital financial reporting. Notably, the Productivity Commission has opposed the introduction of tough laws to control AI being considered by the government, warning its plan for “mandatory guardrails” should be paused until gaps in the law are properly identified – “The Australian government should only apply the proposed ‘mandatory guardrails for high-risk AI’ in circumstances that lead to harms that cannot be mitigated by existing regulatory frameworks and where new technology-neutral regulation is not possible” (Productivity Commission).
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