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Australia warned social media companies they could face fines of up to 5% of their global revenue if they enable the spread of misinformation online — the latest attempt by a government to rein in big tech.
The Australian government is increasingly cracking down on tech giants, and moved this week to remove children from social media platforms.
While such efforts are often years in the making, this has been a big week for regulatory action in this space: Google is on trial in the US for its alleged monopolistic behavior, and the EU ruled that Google and Apple owe billions in fines and back taxes.
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Australia’s warning came after it introduced a new law Thursday that would require social platforms to set and follow a “code of conduct” to curb the spread of misinformation that would be subject to approval by an Australian regulator. The watchdog would also have its own standards, and be able to fine companies for non-compliance — though it won’t enforce the takedown of individual posts.
The bill was re-drafted after being first introduced in 2023, when it faced criticism for overreach. Some free-speech advocates have already criticized the new bill, with the Free Speech Union of Australia calling it an “attack on our freedoms.”