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Australia ditches plans to fine tech giants for misinformation

Economic TimesEconomic Times ยท 7m ago
Australia ditches plans to fine tech giants for misinformation
Medial

Australia has abandoned plans to impose fines on social media companies for failing to combat the spread of misinformation. The country's communications minister, Michelle Rowland, announced that the proposed legislation, which included the power to fine tech companies up to 5% of their annual turnover for breaching online safety obligations, has been dropped due to opposition in the senate. The bill had faced criticism from figures such as Elon Musk, who likened the Australian government to "fascists". As part of its efforts to regulate tech giants, Australia is also set to introduce a nationwide social media ban for children under 16, with potential fines of over $30 million for non-compliance.

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Australia threatens fines for social media giants enabling misinformation

Economic TimesEconomic Times ยท 10m ago
Australia threatens fines for social media giants enabling misinformation
Medial

Australia plans to fine internet platforms up to 5% of their global revenue for failing to counter the spread of online misinformation. The move aims to hold tech giants accountable, but has received criticism from free speech advocates. The government intends for tech platforms to establish codes of conduct that govern the prevention of dangerous falsehoods online, subject to regulatory approval. If platforms fail to comply, the regulator can set its own standards and impose fines. The legislation targets false content related to election integrity, public health, defamation, and critical infrastructure. The bill forms part of Australia's broader efforts to enhance regulation in the digital space.

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