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The Commonwealth Bank is investigating up to $1 billion in potentially fraudulent home loans involving AI-generated forgeries, as major Australian companies including Afterpay and WiseTech announce thousands of job cuts due to AI automation. Professor Toby Walsh from UNSW's AI Institute warns that Australia lacks adequate regulations to protect against AI-related harms, despite the technology's growing influence across financial services, employment, and military applications. The discussion covers the urgent need for regulatory frameworks, workforce reskilling, and international safeguards as AI systems demonstrate increasingly concerning capabilities in warfare simulations. Subscribe and set 🔔 » https://7news.link/YTSubscribe | For the latest Australian news and breaking news alerts, connect with 7NEWS online: Visit » https://7news.com.au 7Plus » https://7plus.com.au/ 7NEWS Podcast » https://open.spotify.com/user/dm9fk9h... Facebook » / 7newsaustralia TikTok » / 7newsaustralia Instagram » / 7newsaustralia X » https://x.com/7NewsAustralia 7NEWS combines the trusted and powerful news brands including Sunrise, The Morning Show, Spotlight and 7NEWS.com.au, delivering unique, engaging and continuous coverage on the issues that matter most to Australians. Watch 7 News Australia full broadcasts and full episodes at 6pm and weekdays at 12pm and 4pm on Channel 7 and 7plus. #BREAKINGNEWS #7NEWS