Australia Plans Major Fines on Tech Giants For Misinformation

Australia has begun the process of implementing a major fine structure for all the tech giants if they fail to contain and counter misinformation in the future. These fines could potentially go up to billions of dollars, as per AFP. All the major players like Facebook, Google and Tik Tok will be tightly regulated as per the Australian legislation that is on the verge of being passed by the government. The implemented fine will be 5% of the company’s annual turnover, which will make it one of the highest fines in the world.
An official spokesperson said, “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.” Along with Australia, European Union is also actively working for the passing of such strict laws against social media organisations that display reluctance in countering false information that can have serious ramifications on their safety and security. While this tough approach has prompted many digital platforms to leave the Australian market, their government has shown intent to remain tough on matters related to peddling misinformation on social media.