Australia proposed a law to fine tech giants for anti-competitive practices, aiming to regulate Big Tech.

From Investing.com: 2024-12-01 22:21:51

Australia has proposed a law to fine tech giants up to A$50 million for anti-competitive practices. The Labor government passed a law banning social media for kids under 16. The law aims to regulate Big Tech’s influence and empower the competition regulator. Google and Apple dominate app downloads and ad revenues in Australia. The government plans to prioritize app marketplaces and ad tech services for regulation. Google controls 93-95% of online search in Australia, while Apple’s App Store has 60% market share. Meta’s Facebook and Instagram hold 79% of social media services in the country. ($1 = 1.5359 Australian dollars)



Read more at Investing.com: Proposed Australia law would fine Big Tech over digital competition By Reuters