From www.investmentlawwatch.com: Australian Financial Services licensees are increasingly adopting artificial intelligence but often neglect their existing regulatory obligations, raising concerns about consumer risks.

The Australian Securities and Investments Commission (ASIC) published REP 798, which emphasizes that current regulations apply to AI systems and outlines best practices for compliance and risk management.

The Australian Government is consulting on legal changes regarding AI technologies and has introduced a Voluntary AI Safety Standard to guide companies in their AI usage.