Science minister says AI presents ‘enormous’ opportunity for Australia

Tim Ayres, the minister for industry, innovation and science, said the government may look at imposing new laws around artificial intelligence, but described the technology as an “enormous” economic opportunity Australia couldn’t afford to fall behind on. Ayres told RN Breakfast:

This is a really important contribution to the productivity agenda and really important contribution to our plan for economic growth. We are of course, as you say, going to have to attend carefully to managing risks and harms, you know, potential risks, potential harms.

Ayers described AI as a “whole of nation endeavour” that would require coordination between unions, workers and their employers. He said the government was working “carefully” through any potential changes to laws surrounding AI to address any potential harms of the technology.

Tim Ayres described investment in AI as a “whole of nation endeavour”. Photograph: Mick Tsikas/AAPShare

Court decision coming today after Tasmania jumping castle tragedy

The operator of a jumping castle at the centre of a tragedy that killed six children is expected to find out whether she is guilty of workplace safety breaches, AAP reports.

Flowers, soft toys and tributes are seen outside Hillcrest Primary School in Devonport, Tasmania in December 2021. Photograph: Bianca de Marchi/EPA

The children were enjoying end-of-year celebrations on at a school’s oval when a wind gust lifted the castle into the air. Rosemary Gamble, owner of Taz-Zorb which set up the equipment, pleaded not guilty to failing to comply with a workplace health and safety duty.

Magistrate Robert Webster is expected to deliver his decision on Friday morning in Devonport magistrates court, following a 10-day hearing in November.

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Asic says it is still going after financial wrongdoing despite call it be split up

Sarah Court, the deputy chair of the Australian Security and Investment Commission (Asic), says the agency has spent years “rebuilding its enforcement focus and capability” despite a parliamentary inquiry last year that said it should be split in two after “comprehensive” failure.

Court spoke to Radio National Breakfast to respond to criticism about the sharpness of Asic’s teeth:

Asic has been rebuilding its enforcement focus and capability over many years. In fact, ever since the royal commission, we have really taken a very different approach to our enforcement work.

This is a continuing progression of increasing our enforcement activity. And right at the heart of what we’re doing is looking at financial institutions across the sectors we regulate, whether it’s banks, superannuation funds, or insurance companies, and really looking at the way that they are treating or engaging with their customers.

A parliamentary committee inquiry delivered a scathing overview of Asic’s role countering corporate misconduct last year, saying the agency had “comprehensively failed to fulfil its regulatory remit”.

You can read more about those findings here:

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Updated at 17.41 EDT

Good morning

Good morning, we’ve made it to Friday. Nick Visser here to guide you through today’s breaking news. Here’s what we’ll have an eye on:

• The deputy chair of the Australian Security and Investment Commission says the agency has been “rebuilding” its enforcement capability and pursing banks for wrongdoing, despite a parliamentary inquiry last year that recommended the watchdog be split into two for “comprehensively” failing its role.

• A court is expected to issue a ruling after the jumping castle tragedy in Tasmania in 2021. Six children died and three others were seriously injured after a wind gust lifted the structure into the air during a party.

• We will continue to follow the political crisis in Tasmania after the state’s lower house passed a vote of no-confidence. The Liberal premier, Jeremy Rockliff, has requested an early election, which would be Tasmania’s fourth state election in seven years.

Stick with us.

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