Australia may start fining Google, Meta and Twitter billions of dollars for fake news on their platforms

The Australian government has drafted new legislation aimed at addressing the spread of “misinformation” and fake news on social media platforms like Twitter and Facebook, says a report by The Age, a daily newspaper in Melbourne, Australia. The proposed law could result in significant fines for these companies. Under the plan put forth by the Australian Communications and Media Authority (ACMA), social media companies would be obligated to maintain records demonstrating their efforts to combat the dissemination of such information online. Failure to do so repeatedly could lead to fixed fines in the millions of dollars. Australia to hold platforms responsible for failure to remove fake news Michelle Rowland, the communications minister in Canberra, emphasized that “mis- and disinformation creates division in society, erodes trust, and can endanger public safety.” She further stated that the Albanese government is committed to ensuring the safety of Australians on the internet. The government’s proposal grants the ACMA the authority to enforce a new “code” of practice on social media platforms that consistently fail to monitor the spread of fake news on their platforms. It also aims to establish an industry-wide standard that compels the removal of specific content, necessitating stronger methods to identify misinformation and greater utilization of fact-checkers. Hefty fines If a company repeatedly breaches the code, it could face a maximum fine of AUS $2.75 million (US $1.83 million) or 2 per cent of its global turnover, whichever is higher. For violating the industry standard, the maximum penalty would be AUS $6.88 million (US $4.6 million) or 5 per cent of global turnover. The Age highlighted that under the latter terms, Facebook’s parent company Meta could potentially face a fine of approximately AUS $8 billion (US $5.35 billion) in a hypothetical situation. The European Union implemented similar regulations concerning social media content last year, with social media companies also being subject to fines based on their annual global turnover. Who will decide what’s fake news and what’s not? Notably, the proposed legislation does not grant the Canberra government the authority to determine what content online qualifies as “misinformation” or “disinformation.” Rowland emphasized that the law aims to strike a balance between curtailing fake news and safeguarding freedom of speech on the internet. The proposed powers would not cover standalone pieces of content, official electoral information, and professional news services. Previously, Google removed approximately 3,000 videos from YouTube in Australia that spread what it deemed dangerous or misleading information related to Covid-19. The draft legislation was released on Saturday and is currently open for public consultation, providing an opportunity for Australians and social media companies to express any objections. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook_,_  Twitter and  Instagram_._