Big tech to be hit with fines up to $50 million under new competition policy
App stores and ad tech are the first targets of a new digital competition policy, with the Albanese government set to unveil the framework on Monday.
Big tech companies will face designation and fines of up to $50 million for anti-competitive behaviour under a new regime to be announced by the Albanese government on Monday.
As revealed by Capital Brief last week, Assistant Treasurer Stephen Jones will share plans for an 'ex-ante' regime in Sydney on Monday evening, which will target anti-competitive practices by major tech firms including Google, Meta and Amazon.
Speaking at the McKell Institute, Jones will confirm the establishment of a digital competition regime aimed at protecting consumers and enhancing competition. The new rules will grant the minister — acting on advice from the ACCC — the power to designate platforms that pose the greatest risk to competition in Australia.
Designated platforms will be required to comply with obligations for that service. Non-compliance could see the ACCC impose penalties of up to $50 million or 30% of the company’s turnover. For a company like Google, this could translate into billions of dollars in fines.
