00:01This is all about maximising the benefit and minimising the unwanted impact from the rapid growth of AI.
00:11South Australia's Premier Peter Malinowskis was recently in the US.
00:15He met with big tech CEOs including Tim Cook from Apple and also the leader of OpenAI.
00:22The Premier is wanting those AI companies to participate in this Royal Commission which would help shape future approaches of
00:34the technology.
00:34The Royal Commission is expected to hear from businesses, also unions, academics and industry bodies to examine the impacts of
00:46the tech on things like education, skill, infrastructure and health.
00:51The terms of reference is expected to be outlaid in the next four to six weeks.
00:59As for the cost of this Royal Commission, taxpayers are expecting to be forking out about $3 million for this
01:07which Peter Malinowskis said is going to be worth every penny.
01:12We're talking about the potential for a complete reformation in the way that people put their labour into the market
01:20and have it acquired by someone who wants to utilise it.
01:24$3 million is going to look like a complete small beer in comparison to the potential costs if we don't
01:32put the policy effort in place to get this right.
01:35What's been the reaction to the announcement?
01:38Well, it's largely been positive, particularly from the University of New South Wales.
01:45An expert there is saying that South Australia could lead the country in AI policy.
01:51But Toby Walsh has also warned that the Royal Commission could potentially not be able to keep up.
01:59As AI evolves, this Royal Commission is going to be beginning on October 1st and we'll have a report out
02:08no later than July 1st of next year.
02:11As for who is going to be leading this Royal Commission, well, there will be three commissioners involved.
02:17There's going to be an international search for those people who will be involved.
02:22But the Premier has previously said that he does have people in mind for the job.
