AI Mandatory Guardrails in High-Risk Settings

The Albanese government has released a Proposals Paper for Introducing Mandatory Guardrails for AI in High-Risk Settings. It calls for submissions on:
•    A proposed definition of high-risk AI
•    Ten proposed mandatory guardrails
•    Three regulatory options to mandate the guardrails including a standalone Australian AI Act (similar to regulation already introduced in the European Union).
Consistent with Canada and the EU, the proposed guardrails will require organisations developing or deploying high-risk AI systems to take steps to ensure products reduce the likelihood of harms.
 
The risk-based approach emphasises testing, transparency and accountability, including the labelling of AI systems and testing of products before and after release.