Australia has withdrawn plans to impose fines of up to 5 percent of global revenue on Facebook, Instagram and other social media giants. Under a law proposed this year, the country planned to impose fines against companies accused of spreading false information. Now Australia has decided not to hold social media owners liable if users spread false information.
According to the news agency Reuters, this announcement was made by the Minister of Communications Michelle Rowland last Sunday (November 24). The proposed legislation was withdrawn due to significant opposition in the Senate.
In a statement, he said, 'Based on public opinion and discussions with senators, it is clear that there is no way this proposal will pass the Senate.
A law was proposed in the Australian Parliament in September this year. That law would have fined tech companies up to 5 percent of their annual global revenue for violating their online security obligations. The purpose of the bill was to prevent the spread of harmful false information online. Especially information that could pose a risk to elections, public health or people and critical services.
Australian authorities say big tech companies have too much power and are ignoring Australian laws.
“The bill would have allowed big tech companies to be accountable for their systems and processes by bringing an unprecedented level of transparency,” Rowland said. As a result, companies take measures to prevent and reduce the spread of harmful false and misleading information online.'
According to the proposed law, online platforms will have to establish a code of conduct to prevent the spread of dangerous false information and obtain the approval of a regulatory body.
The bill faced strong criticism. Tech entrepreneur Elon Musk also criticized it. He called them 'fascists' or dictatorships for following such regulations of the Australian government.
Despite the withdrawal of this particular bill, Australia has maintained its commitment to regulating the technology industry. Because the government is moving forward with a new initiative that will impose a nationwide social media ban on children under the age of 16.
Under the new law, social media companies could be fined more than $30 million if they fail to prevent underage users from accessing their platforms.
