Social media in Niger came under a massive disinformation attack in February, an AFP Fact Check investigation has found
The government expected to enact the law by the end of the year. IBTimes US

In a wide-ranging regulatory crackdown, the Australian government is planning to mandate legislation that would fine internet platforms up to 5% of their global revenue if they fail to prevent the spread of misinformation and disinformation online.

Communications Minister Michelle Rowland introduced the legislation to Parliament on Thursday. The bill would require tech platforms to set up codes of conduct covering the prevention of spreading dangerous online content. The government expects to enact the law by the end of 2024.

The proposed bill also grants additional power to the Australian Communications and Media Authority (ACMA) with information-gathering, record-keeping, code registration and setting standards. Non-compliance of the conduct code would fetch a range of penalties, including a maximum fine of 5% of their global revenue, ABC reported.

"Misinformation and disinformation pose a serious threat to the safety and wellbeing of Australians, as well as to our democracy, society and economy," Rowland stated. "Doing nothing and allowing this problem to fester is not an option."

Rowland said the law did not target individual posts, but intended to force the internet platforms to act on what they promised to do. She added the current voluntary codes that cover the companies were inadequate, as there were no enforcement mechanisms.

The bill met with criticism when it was introduced last year with the Australian Human Rights Commissioner, raising issues with the definition of key terms, such as misinformation and disinformation, and for entrusting the power to censor content with one body. The opposition had cited government overreach to oppose the draft bill.

However, Rowland denied the bill curbed freedom of speech.

"We've been very clear as a government to take strong advice around this and to consult widely and to ensure that it aligns precisely with what we have under international law so as not to curb freedom of speech," she said.

Australian politicians have been demanding foreign-domiciled parent companies, which own the social media platforms, to check the spread of dangerous online content aimed at damaging election integrity, defaming public figures, campaigns against taking vaccines or calls to denounce a group, reported Reuters.

In Australia, Meta, the owner of Facebook and Instagram, has threatened to block paid news content, and X removed most news content after billionaire Elon Musk bought it.

Welcoming the legislation, the ACMA said it would provide a "formal regulatory role to combat misinformation and disinformation on digital platforms."