Insights / June 28th, 2023

Generative AI: Opportunities, Risks, and the Safe and Responsible implementation of the technology in Australia.

Takeaways from the Australia’s Chief Scientist’s Repaid Response Information Report on “Generative AI”.

Australia’s Chief Scientist’s Rapid Response Information Report on “Generative AI” was released to the public on 1 June 2023.

The Report addressed the following questions: 

  • What are the opportunities and risks of applying large language models (LLMs) and multimodal foundation models (MFMs) learning technologies over the next two, five and ten years?

  • What are some examples of strategies that have been put in place internationally by other advanced economies since the launch of models like ChatGPT to address the potential opportunities and impacts of artificial intelligence (AI)? 

As Generative AIs are released to the public with increasingly powerful capabilities, Cowell Clarke has been monitoring the digital and technology sector for AI’s potential uses and applications. The Report notes that the rapid advancements mean the full extent of the opportunities and risks are largely unknown. The Report (and associated consultation paper, which we discuss at the close of this article) is a significant milestone in the Australian Government’s response to AIs and will inform thinking on how AI can be used safely and responsibly.

In this article, we consider some of the Report’s important takeaways on the first question, namely, the opportunities and risks of applying AI technology.

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