Comments come as unions push for AI Implementation Agreements
Rushing to regulate artificial intelligence could jeopardise the opportunities the technology will create, the Business Council of Australia (BCA) has warned.
BCA chief executive Bran Black said it is important to make evidence-based policy in the case of major issues, such as AI.
"What we are concerned about is that if we rush to regulate now, if we rush to regulate too early, then we will miss the opportunity associated with the technology," Black told ABC 7.30.
"And if we do that perversely, we may see the type of outcome that we're trying to prevent, and that is opportunities moving overseas and jobs being lost."
Black made the remarks amid union calls seeking AI Implementation Agreements, aimed at compelling employers to consult with their staff before introducing AI at work.
It also seeks to guarantee job security, as more employers lay off staff due to the technology's adoption.
According to the BCA chief, there are already mechanisms in place in the Fair Work Act regarding employee consultation on significant workplace changes.
"There are already requirements in place in terms of consulting with employees, engaging them, with respect to redeployment opportunities within businesses and so forth," Black said.
"And of course, that extends to redundancy provisions in circumstances where there are no available roles within organisations."
No to fear-based AI legislation
Black's call for slowing down on legislation echoes the Productivity Commission's latest report saying AI-specific regulation should be a "last resort" for Australia.
Black also noted that their members are observing AI impacting roles, but not completely replacing them. This aligns with the latest findings from Jobs and Skills Australia that indicate AI is more likely to augment work rather than replace employees.
"We're not seeing the type of broad-scale workforce impacts associated with AI that some commentators have speculated upon, and I really stress that point," the BCA chief said.
"We shouldn't be regulating, we shouldn't be legislating based on fear. We should be regulating and legislating based on fact and what we see on the ground."
He made the remarks as the government, business, and unions gathered for the Economic Roundtable this week.
The roundtable is expected to tackle various measures to improve Australia's productivity. Unions are advocating for shorter working weeks and working from home, while business seeks to reduce red tape.
"There are points where we disagree with the union movement, and there are points where we agree," Black said about the ongoing roundtable. "And I think the positive thing about the conversation we've just had is that there are some points of agreement right around the room."
