The Australian government has proposed a new competition scheme to regulate global tech companies, allowing for fines of up to $50 million AUD for anti-competitive behavior. The scheme aims to prohibit acts such as self-preferencing, anti-competitive tying, and impediments to consumer switching.
The proposed regime is part of a broader effort to curb the influence of digital technology and social media platforms. The Australian Competition and Consumer Commission (ACCC) has welcomed the proposal, which was developed in response to findings from the ACCC’s Digital Platform Services Inquiry Report. The government is now seeking submissions on the proposed scheme, which aims to promote competition and protect consumer choice.
