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Australia news live: RBA governor paves way for rate hike; Labor to ‘look at’ following Canada in pulling closer to EU

Australia news live: RBA governor paves way for rate hike; Labor to ‘look at’ following Canada in pulling closer to EU


OpenAI warns Labor about global security threats

Australia needs to slow down its artificial intelligence use and create better security laws, the companies creating the technology have told the federal government.

In a submission to an ongoing inquiry, OpenAI said national leaders had a responsibility to work with other countries to stop global security threats:

double quotation markMany of the most consequential risks will not stop at national borders, making international co-ordination increasingly important.

It said Australia was in a narrow “defender’s window” during which it could use the technology to find and fix cybersecurity threats, rather than create them.

Tech giant Atlassian, which runs AI system Rovo, used its submission to urge the government to bolster its laws. International standards and work already undertaken overseas should be used to protect Australian consumers, it said.

“We need to embrace governance and regulation as a force multiplier for trust,” Atlassian’s head of regulation, Anna Jaffe, wrote, arguing that tighter privacy crackdowns would also benefit the tech sector as clients would be more likely to engage with them.

The comments come after OpenAI’s chief executive, Sam Altman, and Elon Musk displayed rare unity in backing Anthropic’s head Dario Amodei, who called for a slowdown in “reckless” AI development through a three-part essay.

AAP

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Australia news live: RBA governor paves way for rate hike; Labor to ‘look at’ following Canada in pulling closer to EU

Patrick Commins

Expect fuel prices to be ‘much higher for longer’, says RBA boss

Australians should brace for “much higher for longer” oil prices and fuel costs, according to Michele Bullock, the RBA’s governor.

Bullock told an parliamentary economics committee hearing that when the US-Israel war on Iran started there a “baseline assumption, certainly on our part and amongst many other countries, that it would be short-lived, and that the rise in oil prices and associated fuel prices and other energy prices would be short-lived, and they would ultimately come back down”.

While the worst-case scenarios may not have come about, “certainly scenarios where we’re seeing much higher for longer oil prices, fuel prices, those sorts of things, that’s sort of more in the world we’re in now”.

As the war rumbles on into its eighth month with little sign of resolution, Bullock said there had been a “realisation” among central bankers that they would need to act.

“There was a tendency to wait and see, but now that fuel prices have been much higher for longer, and you are seeing that reflected in inflation overseas, central banks are responding. And you’ve seen that in the responses … particularly in the US and Europe, and some other countries being on high alert.”

The US Fed lifted rates this week, the first hike since 2023.

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