Australian government looks to airline and banking laws to shape AI regulation
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Australian federal government is considering using aviation and banking sector accountability laws as a model for new AI regulation, Minister for Science, Technology and the Digital Economy Andrew Charlton said there is insufficient incentive for organisations to follow current voluntary AI regulations and that AI developers would need to prove their development is ethical and safe, mirroring airline and bank standards. He warned specific rules could become outdated quickly due to rapid technology change and noted AI harms are severe, hard to undo and often invisible until they occur. Shadow defence minister James Paterson supported the idea as a shift in the right direction and urged a pragmatic approach.