EY calls for clarity on AI for Australian business leaders

SYDNEY, 3 JUNE 2024 – Ernst & Young, Australia (EY) Regional Chief Technology and Innovation Officer for Oceania, Katherine Boiciuc, is asking the Australian Government to provide clear guidance for businesses that align with principles of accountability, transparency, and human-centric values.

This appeal comes in light of findings from the latest EY CEO Outlook Pulse Survey, which indicates that Australian business leaders are considering how AI can improve growth and productivity. The survey reveals that:

► 65% of leaders acknowledge the efficiency benefits of AI.

► 65% emphasise the need to address its social and ethical risks.

► 45% plan to make significant investments in AI within the next year.

Australia's current approach to AI development places it behind other nations, with a reliance on imported innovations. To provide certainty to organisations on how they can progress adoption of AI, there is a pressing need for flexible regulations that can address inherent AI risks, such as bias and errors.

"To position Australia as a global leader in AI adoption, we need the government to step up investment and define regulatory boundaries for both public and private sector organisations," says Katherine Boiciuc.

EY has provided advice to the Australian Senate Select Committee on Adopting Artificial Intelligence, advocating for the ethical adoption of AI that upholds accountability, transparency, and human-centric values.

“There is immense potential for AI in sectors such as healthcare, environmental management, and infrastructure. To harness this potential responsibly, EY recommends the promotion of ethical principles, guardrails, and policy clarity within an AI governance framework. This should be balanced with the protection of societal norms," Boiciuc adds.

The submission emphasises the importance of legislation that is aligned with international approaches, streamlining compliance for organisations adopting internationally developed AI or exporting AI globally. It suggests further consideration is needed to balance the environmental impact from AI training and usage, and the potential for economic and productivity increases.

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Key Contacts:

Tim Madin

+61 282 956 773

tim.madin@au.ey.com