Proposed Australia law would fine Big Tech over digital competition

Australia proposed a law on Monday that could impose fines of up to A$50 million ($33 million) on global technology companies if they suppress competition and prevent consumers from switching between services.

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.