That’s a wrap for Need to Know this Tuesday, May 28, which covered the inaugural Financial Review AI Summit:

Here’s a recap of some of the news from the Summit so far:

Husic calls for lower corporate taxes: Industry Minister Ed Husic has called for a lowering of corporate tax, either via direct reduction in the rate or through an economy-wide investment allowance.

Regulators keeping business in the dark on AI, Productivity Commission says: Weeks away from new regulations governing high-risk AI use, regulators still haven’t explained how existing laws apply, says a Productivity Commissioner.

Labor to spend $17m to help small businesses join AI revolution: While major banks and tech firms are rushing headfirst into artificial intelligence investments, smaller firms are less prepared to capitalise on the technology, surveys have found.

AI could claim 30pc of executive jobs in two years: As Commonwealth Bank CEO Matt Comyn keenly monitors the AI revolution, Adam Driussi of Quantium says more executives need to follow suit.

Google Research chief predicts children will soon be taught by AI: Yossi Matias says healthcare, education and climate are the three areas most likely to be most changed by artificial intelligence in the near-term.