"As policy and regulation on AI in Australia begins to take shape, it’s never been more important for government organisations, regulators, academics, corporates and not-for-profits in Australia to come together to ensure that regulatory structures are fit for purpose. Indeed, there is a case for public education around the need to have a two-speed approach to policy development that both provides a safeguard for the ethical development of AI, as well as the flexibility to dynamically address emerging risk, we don’t yet fully understand.

The challenge will be striking a balance between proactive and reactive regulation that will stimulate investment in the burgeoning opportunity AI presents all industries, and the protection of human rights and respect for our local communities, economies and the environment. We need to accept that with any innovation there will be some element of risk and harm that occurs and ensure that we don’t let fear stifle advancements in AI.

As a result, we need to invest in public education to prevent a double-standard tolerance for risk with respect to emerging technology. The role for all of us in helping to shape evidence-based policy and regulation to address the complexities of the AI landscape requires the input of diverse perspectives.

KPMG is proud to have partnered with C-Suite Exchange in the facilitation of this important dialogue. We look forward to continuing to actively participate and collaborate with industry leaders and policy makers to stimulate ethical investment in AI for the benefit of our society into the future."

Kate Marshall
Partner and Head of KPMG Law