Introducing mandatory guardrails for AI in high-risk settings: proposals paper

In October 2024, we responded to the Department of Industry, Science and Resources’ proposals paper for introducing mandatory guardrails for artificial intelligence (AI) in high-risk settings.

In our Management submission, we built on the feedback in our response to the Department’s earlier consultation on safe and responsible AI in Australia in August 2023. We expressed general support for the proposed framework, and particularly its risk-based and principles-driven approach to AI regulation that seeks to balance the need for both consistency and proportionality in regulating the various potential AI use cases across different industries. We also welcomed the Australian Government’s broad alignment with emerging international standards and best practice. Our submission provided some insights and considerations about the proposed guardrails from the perspective of the Australian payments industry, to help inform any further refinements to the governance framework.

AusPayNet’s submission is available below.