The bill offered broad powers to impose fines on technology companies if they fail to comply with new internet security requirements. Fines can reach up to 5 percent of companies’ annual turnover.
Minister Rowland noted that based on statements and discussions with senators, it became clear that there was no way to get this legislation through Parliament. This statement sparked a public outcry, with opponents of the bill including entrepreneur Elon Musk, who likened the Australian laws to fascism in September.
Despite the bill’s repeal, Australia continues to make progress in regulating big tech companies. In the near future, the government plans to ban children under 16 from using social networks.
Source: Ferra
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