Policy Update - January #1
Interim response to AI review
The Government has released an interim response to its consultation on safe and responsible AI in Australia.
The response recognises that many applications of AI do not present risks that require a regulatory response but that mandatory safety guardrails may be required for some high-risk settings.
In the immediate term, the Government will prioritise:
working with industry to develop a voluntary AI Safety Standard, implementing risk-based guardrails for industry;
working with industry to develop options for voluntary labelling and watermarking of AI-generated materials; and
establishing an expert advisory body to support the development of options for further AI guardrails.
'Super complaints' draft legislation consultation
The Government is consulting on draft legislation to implement a designated complaints function within the Australian Competition and Consumer Commission (ACCC).
The function will enable designated consumer and small business advocates to submit a 'super-complaint' to the ACCC where they have evidence of a significant or systemic market issue that affects consumers or small businesses. The ACCC would be required to respond to a complaint within 90 days. 'Designated complainant' organisations will be nominated by the Minister following the passage of the legislation
FinTech Australia will make a short submission supporting the availability of the complaints function for small business complainants. If you are interested in contributing or have any feedback on the draft legislation, please reach out.
New climate reporting reforms
The Government has released draft legislation to implement new corporate climate-related financial disclosure requirements.
The draft legislation leverages the existing financial reporting regime in the Corporations Act to introduce mandatory requirements for large businesses and financial institutions to disclose their climate-related risks and opportunities.
FinTech Australia does not propose making a submission but please reach out if this consultation is of interest.
Senate Inquiry into Australia's retirement system - fintech in focus
The Senate has launched a new inquiry on improving the consumer experience, choice and outcomes in Australia's retirement system. The Terms of Reference focus on: 'the potential role of FinTech in supporting retirement outcomes.'
FinTech Australia will make a submission to this inquiry and is seeking interested members to contribute. If your business operates in the retirement space, please contact our policy team about contributing to our submission.
The closing date for initial submissions is 23 February 2024.
