The race is on to lead the future of Artificial Intelligence (AI). The United States, the European Union and China are not only attempting to shape and develop the future of the technology, but also the governance and regulation of its use.

The race to regulate AI is a key aspect of strategic competition as major powers seek to export value systems through the technical standards they promote. This can be seen in the alignment of governance initiatives led by the European Union and the United States and their disparity with China’s initiatives.

Across multiple US administrations, the United States has remained committed to the promotion of AI with American values through voluntary standardisation measures and has led the charge in the creation of foundational global standards and an exportable domestic AI Risk Management Framework (AI RMF).

Australia is still considering its place in this complex global competition. In June 2023, the Australian Government’s Department of Industry Science and Resources released a discussion paper on safe and responsible AI to consider whether further regulatory and governance responses are required to ensure appropriate safeguards are in place.

This report considers the main regulatory frameworks worldwide, with examples from the United States, the European Union, Japan, China and Canada, as well as various international initiatives. It then evaluates the possible pathways for Australia’s engagement in AI regulation.