Tech Giants Could Face Fines Worth Up to 5 Percent of Annual Turnover Under Proposed Australian Laws
Australian government watchdog would be granted a range of powers to force companies to prevent misinformation.
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Tech giants could face billions of dollars in fines for failing to tackle disinformation under proposed Australian laws, which a watchdog on Monday said would bring "mandatory" standards to the little-regulated sector.
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Under the proposed legislation, the owners of platforms like Facebook, Google, Twitter, TikTok and podcasting services would face penalties worth up to five percent of annual global turnover -- some of the highest proposed anywhere in the world.
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The Australian Communications and Media Authority, a government watchdog, would be granted a range of powers to force companies to prevent misinformation or disinformation from spreading and stop it from being monetised.
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"The legislation, if passed, would provide the ACMA with a range of new powers to compel information from digital platforms, register and enforce mandatory industry codes as well as make industry standards," a spokesperson told AFP.
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The watchdog would not have the power to take down or sanction individual posts.
But it could instead punish platforms for failing to monitor and combat intentionally "false, misleading and deceptive" content that could cause "serious harm".
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The rules would echo legislation expected to come into force in the European Union, where tech giants could face fines as high as six percent of annual turnover and outright bans on operating inside the bloc.