Australia has proposed a law that could impose fines of up to A$50 million on global technology companies if they suppress competition and prevent consumers from switching between services. The law would empower Australia's competition regulator to oversee compliance, investigate anti-competitive practices online, and fine companies.
The proposed law is similar to the European Union's Digital Markets Act legislation and aims to challenge the dominance of Big Tech companies like Apple, Google, and Meta. The consultation process for the proposed law is scheduled to end on Feb. 14
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