Australia threatens fines for social media giants enabling misinformation

Australia said it will fine internet platforms up to 5% of their global revenue for failing to prevent the spread of misinformation online, joining a worldwide push to rein in borderless tech giants but angering free speech advocates.

The government said it would make tech platforms set codes of conduct governing how they stop dangerous falsehoods spreading, to be approved by a regulator. The regulator would set its own standard if a platform failed to do so, then fine companies for non-compliance.