According to Google, AI could bring $280 billion in economic benefits to Australian businesses by 2030 through enhanced operations, customer insights, and identifying new market opportunities.
Different reports provide contrasting figures for the economic benefits of AI in Australia with the Tech Council suggesting $115 billion by 2030, while the federal government cited McKinsey's estimate of $170 billion to $600 billion.
Australia is working on a risk-based regulatory system for AI to establish guidelines for various use cases without overly restricting adoption or undermining trust in the technology.
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