Overview

• The Productivity Commission’s third pre-roundtable report advises starting with current regulatory frameworks for AI oversight and treating technology-specific rules as a last resort.
• It estimates AI could boost productivity by 2.3% and labour productivity by 4.6%, translating to $116 billion in gains over ten years and up to $200 billion with expanded data sharing.
• The report highlights considerable uncertainty around these figures and warns that AI-driven transformations may displace workers, calling for retraining programs and use of the social safety net.
• Key risks identified include algorithmic bias and discrimination, operational errors, misinformation campaigns and misuse by malicious actors.
• Stakeholders are now preparing for the economic reform roundtable from August 19 to 21, which will feature a dedicated AI and innovation session attended by senior industry and government figures.