Artificial Intelligence has mind-boggling potential, but the risks are profound

Artificial Intelligence (AI) has incredible potential to improve lives and create a better world, but the stakes are high and the consequences will be disastrous if the technology is misused. Those are the findings of a new "horizon scanning" report by the Australian Council of Learned Academies (ACOLA), titled The Effective and Ethical Development of Artificial Intelligence – An Opportunity to Improve our Wellbeing. "Horizon scanning" is a way for governments and decision-makers to "look at the future challenges and opportunities that the technologies pose", UNSW Professor of Artificial Intelligence Toby Walsh, co-chair of the report's expert working group, said. The report draws on research and expertise from a wide range of disciplines including science, medicine, economics, philosophy and law. At its best, AI has the power to enhance Australia's wellbeing, lift the economy, improve environmental sustainability and create a more equitable, inclusive and fair society, the report said.