21 May 2024 - Select Committee on Adopting Artificial Intelligence

Opening Statement by ASIC Chair Joe Longo at the inquiry into the opportunities and impacts for Australia arising out of the uptake of AI technologies in Australia.

I am pleased to appear before the Committee today and to provide this short opening statement.

My name is Joseph Longo and I am the Chair of ASIC.

I am joined by Executive Director of Markets, Calissa Aldridge and our Digital and Legal Transformation Lead, Graham Jefferson.

ASIC is supportive of the safe and responsible use of AI by Australian businesses.

We believe that effective AI tools may bring enormous benefits to businesses and end-users. On the other hand, irresponsible or malicious use of AI tools may cause considerable harm to consumers.

This is why we are extremely interested in the use and impact of AI technologies in the financial system, so much so that we have made it a key priority for ASIC.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.