(AFP) – Australia has scrapped plans to fine social media companies if they fail to stop the spread of misinformation, the country's communications minister announced on Sunday.
The proposed legislation provides sweeping powers for finetech companies to be fined up to 5% of their annual turnover if they breach new online safety obligations.
Communications Minister Michel Rolland said the bill was scrapped because it faced significant opposition in the Senate.
“Based on public statements and communications with senators, it is clear that there is no path forward for this proposal through the Senate,” he said in a statement.
The bill has particularly angered tech mogul Elon Musk, who in September compared the Australian government to a “fascist”.
Australia is at the forefront of global efforts to regulate tech giants.
The government will soon roll out a nationwide ban on social media for children under 16.
Social media companies could be fined more than $30 million if they fail to keep children off their platforms under separate legislation introduced in Australia's parliament on Thursday.
