CPA Australia supports Productivity Commission’s cautious AI regulation approach but calls for more government investment in helping businesses leverage AI. The Commission’s report lacks focus on encouraging SMEs to adopt technology, with Australian small businesses trailing in technology adoption compared to regional counterparts.

Only 26% of Australian small businesses invested in new technology in the past year, while markets like Singapore and Malaysia show higher adoption rates. Additionally, only 39% of Australian small businesses generate more than 10% of revenue from online sales, and just 18% sought advice from IT consultants last year.

CPA Australia endorses mandating digital financial reporting for disclosing entities, starting with listed companies. They urge the government to provide better incentives for technology uptake and educational programs to benefit from it. Growth expectations for Australian small businesses are lower than the Asia-Pacific average, highlighting the need for support and guidance.

Read more at Yahoo Finance: CPA Australia critiques AI regulation report, calls for SME support