FameEX Hot Topics | Securing Australia's Well-being: Revealing a Controversial Plan Addressing 'Misinformation'

The Australian government has introduced a draft bill that could have far-reaching implications for tech and social media giants, as it proposes imposing substantial fines on those platforms that fail to address misinformation. Under this legislation, the Australian Communications and Media Authority (ACMA), the country's media regulator, would be granted the power to compel digital platforms like Google and Facebook to maintain comprehensive records pertaining to misinformation and disinformation on their platforms. In essence, these companies would be obligated to provide these records to the ACMA upon request.

Furthermore, the ACMA would be empowered to request and enforce an industry-wide "code of practice" that would introduce new measures to combat the spread of misinformation. Additionally, the ACMA would be authorized to establish its own industry standard and ensure compliance across the board. Failure to adhere to this proposed standard would result in severe penalties for tech giants, including fines of up to 6.88 million Australian dollars ($4.6 million) or 5% of their global turnover. To put this into perspective, a 5% fine on Meta, the parent company of Facebook, would equate to approximately AU$8 billion ($5.3 billion).

Federal Communications Minister Michelle Rowland emphasized the commitment of the current Labor government to safeguarding Australians in the online realm. Rowland asserted that the new bill would equip the ACMA with the necessary powers to hold digital platforms accountable for the dissemination of misinformation and disinformation on their services. She also noted that the bill would enable the ACMA to closely examine the platforms' actions and the measures they implement to ensure compliance.

However, concerns have been raised regarding the potential impact on freedom of speech, particularly due to the bill's somewhat open-ended definition of misinformation. According to the draft bill, misinformation is defined as content that is "unintentionally false, misleading, or deceptive," while disinformation refers to misinformation that is intentionally disseminated with the purpose of causing serious harm.

David Coleman, the shadow minister for communications from the opposing Liberal Party, expressed reservations about potential government overreach in this complex policy area. He stressed the need for clarity in the decision-making process concerning the classification of specific content as either misinformation or disinformation.

Public consultation on the Communications Legislation Amendment (Combatting Misinformation and Disinformation) Bill 2023 will remain open until August 6, allowing stakeholders and the public to provide their input on the proposed legislation.

It is worth noting that the Australian government has been actively pursuing measures to exert control over tech giants. For instance, in August 2021, Google paid a substantial fine of AU$60 million ($40 million) for misleading Australian consumers about their data collection practices. Additionally, in February 2021, Facebook temporarily restricted Australian users from accessing news content on their newsfeeds as a result of a disagreement with the government over proposed media bargaining laws.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.