Financial

The Australian Prime Minister has announced that the Government will establish an Office of Artificial Intelligence within his department to co-ordinate the design of new Australian Standards for AI.The standards will deal with national security as well as copyright and artist protection, large AI data centres, workplace issues, and the impact of AI in schools.They

Recently, regulators have explained how current laws apply to businesses’ use of AI and its risks.They discussed how companies were using AI in their businesses, how it was being governed and how risks were being managed.Relevant existing Australian laws include:• directors’ duties under the Corporations Act 2001;• obligations of Australian Financial Services Licence holders under