The Australian Government’s interim response to the “Safe and responsible AI in Australia” discussion paper flags a risk-based approach to AI governance in Australia including a mix of voluntary AI safety standards, voluntary labelling and watermarking for generative AI and the development of mandatory guardrails with a particular focus on high-risk and frontier AI applications.

On 18 March 2022, the government announced that it has opened consultation on digital economy regulation settings in Australia. The government is seeking feedback on regulatory frameworks, particularly in relation to automated decision making and artificial intelligence.

In March 2022, Australian Securities & Investments Commission published a response to submissions received to its consultation on review of the ePayments Code. In its response, ASIC proposed various revisions to the current voluntary code, including that scam payments will no longer be regarded as “mistaken internet payments” and reporting requirements for unauthorized transactions will change.