Based on an article from EY, Ernst & Young (EY) has emphasized the need for clearer guidelines and regulations regarding the use of artificial intelligence (AI) in Australian businesses. EY's call to action highlights the growing importance of AI in driving business innovation and efficiency while also addressing the potential risks associated with its deployment.

EY stresses the importance of establishing a regulatory framework that provides clear guidance on the ethical and responsible use of AI. This includes addressing issues such as data privacy, algorithmic transparency, and the prevention of bias in AI systems. The firm advocates for a collaborative approach involving government, industry, and academia to develop standards that can ensure AI technologies are used in ways that benefit society as a whole.

The article also discusses the potential economic benefits of AI, including increased productivity and competitiveness for Australian businesses. However, EY warns that without clear regulations, there is a risk of misuse and unintended consequences that could undermine public trust in AI technologies. EY's recommendations include the creation of a national AI strategy that outlines best practices and compliance requirements for businesses adopting AI.