Australia threatens to fine social media giants up to 5% of their global revenue for failing to censor so-called misinformation

The Australian government’s proposed legislation to fine social media companies up to 5% of their global revenue for failing to curb misinformation feels like an overreach. While holding platforms accountable is important, this aggressive approach risks stifling free speech and innovation.

The bill would give the Australian Communications and Media Authority (ACMA) sweeping powers to enforce compliance, including setting standards and demanding records. Though online safety is critical, imposing such severe penalties could create a chilling effect on open discourse, raising questions about how much control governments should exert over digital platforms.

Sources:

www.msn.com/en-us/money/markets/australia-moves-to-fine-social-media-companies-that-spread-misinformation-up-to-5-of-global-revenue/ar-AA1qtX1L

finance.yahoo.com/video/australia-fine-social-media-giants-112449364.html