Australia Cracks Down on Big Tech: New Law Threatens Multi-Million Fines

Australia is proposing a new law that could fine global tech companies up to A$50 million for practices suppressing competition. The law, part of a broader initiative to manage Big Tech's influence, aims to empower the competition regulator and may align with the EU's Digital Markets Act.

Australia's government announced on Monday a proposed legislation that could impose fines of up to A$50 million ($33 million) on global technology giants. These penalties would apply if companies engage in practices that suppress competition and restrict consumers from switching services.

Assistant Treasurer Stephen Jones revealed the plan in a speech at the McKell Institute, stating that the law seeks to address the challenges posed by digital economies. The proposal empowers the competition regulator to oversee compliance and investigate anti-competitive practices online.

Tech leaders like Apple, Google, and Meta, which dominate digital services in Australia, have yet to comment. A consultation period on this proposal will end in February, and the law aims to mirror aspects of the EU's Digital Markets Act to enhance consumer choice and competition.