CANBERRA -- The Australian government has announced its plan to regulate the use of high-risk artificial intelligence (AI).

Ed Husic, minister for industry and science, on Wednesday released the government's 25-page interim response to an inquiry into the safe and responsible use of AI, outlining plans for an expert advisory committee and the development of voluntary labels and watermarks for AI-generated content.

After receiving more than 500 submissions to the inquiry, the response said the government has decided to strengthen existing legislation and develop new laws to govern the use of AI in high-risk areas including law enforcement and healthcare rather than follow the European Union (EU) path of a standalone comprehensive AI bill.

Husic told Nine Entertainment newspaper that it was crucial for the government to strike a balance between addressing safety and responsibility concerns around AI systems while fostering innovation and introducing regulations that keep pace with future developments.

"We know that AI can do a lot of good, and there are some areas that the public wants to know that risks have been identified and tackled," he said.

"We want to make sure the government has modern laws for modern technology, that's what we're about."

According to the government document, surveys have found that only one third of Australians believe there are adequate guardrails currently in place for the design and development and AI.

The document noted that while AI is forecast to grow Australia's gross domestic product by up to 600 billion Australian dollars (395.1 billion U.S. dollars) a year, there is low public trust that it is being used safely and responsibly.