Artificial Intelligence (AI), particularly large language models (LLMs), can be beneficial as tools for exploring complex subjects, enhancing understanding and facilitating conversations across many knowledge domains and stakeholders. For instance, regulators can develop detailed prompts including constraints to explore legislation relevant to a specific context or to explore potential interactions between different policy, frameworks and obligations. A regulator could ask an LLM to make content easier to understand by specifying a Flesch-Kincaid Grade Level for diversity and inclusion or coming up with a tailored and intuitive case study. 

By using LLMs as a research and communication tool, regulators can significantly improve their knowledge and skills, leading to more informed and effective conversations. However, regulators need to be careful when using AI for administrative decisions with legal obligations and consequences.

This article discusses the risks and benefits of AI in an Australian regulatory context under the following headings:

• The need for good data that reflects Australia
• Will AI give regulators a productivity boost?
• AI may be eroding our ability to keep epistemically safe
• Why do we need to regulate AI?
• Thinking ahead