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Australia ditches plans to fine tech giants for misinformation

Economic Times · 3m

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.