The launch of a Chinese rival to ChatGPT will be a game-changer as Australia's top scientist lauds artificial intelligence as bringing great opportunity.
DeepSeek launched its AI model over the weekend that is considered a challenge to ChatGPT as it operates at a fraction of the cost and computing power.
As a result, Australia's tech stocks took a hit on Tuesday as investors weigh the impact a Chinese AI model could have on current market leaders.
The nation's newly announced chief scientist Tony Haymet said DeepSeek would probably change all our lives.
"It shows you how disruptive technology can be and how quickly things can happen," he told reporters at a press conference in Canberra.
"I view AI as a great opportunity. I think it's a great export opportunity for Australia, because AI needs electricity, and most of the world is demanding that we deliver AI with renewable electricity, and Australia is perfectly set up for that."
Professor Haymet said based on his international experience, Australia was well placed and sought to allay fear.
"I don't think we should be afraid ... we're already doing great stuff," he said.
"We have a terrific governance regime. I think we're going to be able to keep our communities safer from the potential perils of AI than many other nations.
"I don't have a concern that we're going to be over-regulated. I think we're going to get it right."
Asked about the implications posed by China's potential lead in AI development, Science Minister Ed Husic said it was important to lean into the development of ethical frameworks because of some of the ways it could be used.
"There are a range of civil dual-use applications of AI that have to be contemplated and that we need to prepare for," he said.
