“[A new regulator] would not only be time-consuming and costly, it is also likely to discourage the important but necessary broader uplift required in capability-building for addressing digital regulation issues, including on matters beyond AI,” the TCA said in its submission.

“It is also likely to result in siloed expertise and capability across government entities, and limit our overall capacity to adapt and consider innovative ways to evolve our regulatory architecture and coordination mechanisms.”

The EU’s AI Act comes into effect in stages over the next two years and prohibits some types of AI considered presenting an ‘unacceptable risk’, such as emotion-recognition systems in the workplace or in educational settings. AI systems designed to purposefully manipulate or mislead will also be prohibited, as will AI systems that exploit vulnerabilities, such as age, disability or socioeconomic situation.

The Australian government is yet to settle on its approach. Husic is appearing on stage alongside flying cars and robots at SXSW in Sydney on Wednesday, kicking off ‘Aussie AI month’, where he will encourage executives to get hands on with implementing AI into their businesses, regardless of the government’s regulatory approach.

“We know AI can play a huge role in making the world a better place, but it’s crucial that Australian businesses are equipped to develop and use the technology safely and responsibly,” he said.

“We have 650 Australian AI companies and we’re in the top four countries in the OECD for our capacity to attract and retain highly skilled and educated workers.”

Visitors at the SXSW event can receive free specialist AI training, get an AI health check, use AI to write a symphony or create their own dream city.

“SXSW Sydney is one of my favourite events of the year,” Husic added.