Proposed Australia law would fine Big Tech over digital competition
The centre-left Labor government has targeted Big Tech's influence, and parliament passed a law last week that banned social media for children aged under 16.
The proposed law would empower Australia's competition regulator to oversee compliance, investigate anti-competitive practices online and fine companies, Assistant Treasurer Stephen Jones said in excerpts of a speech due later on Monday.
«The digital economy challenges our current legal framework,» Jones will in the speech viewed by Reuters at the public policy research McKell Institute in Sydney.
«The dominant platforms can charge higher costs, reduce choice, and use sneaky tactics to lock consumers into using certain products. Innovation outside of the established players becomes almost impossible.»
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