STORY: Australian gov't flags major fines for technology companies over anti-competitive behavior
SHOOTING TIME: Dec. 3, 2024
DATELINE: Dec. 4, 2024
LENGTH: 00:00:46
LOCATION: Canberra
CATEGORY: MARKET/ECONOMY

SHOTLIST:
1. various of the building of the Australian Competition and Consumer Commission
2. various of payment apps
3. various of people shopping in the mall

STORYLINE:

On Monday, the Australian government announced plans to impose major fines on technology companies for anti-competitive behavior.

Assistant Treasurer Stephen Jones outlined a plan to give competition regulator the Australian Competition and Consumer Commission (ACCC) new powers to crack down on anti-competitive practices in advertising technology and app marketplaces.

Under the proposed legislation, the ACCC would be granted additional powers to prevent technology companies from promoting their own apps over those of competitors, forcing users to make payments through their own systems and stopping users from switching from a platform's app to an alternative.

Offending companies will face fines worth up to 50 million Australian dollars (32.5 million U.S. dollars) or 30 percent of their annual turnover.

"We want to knock these practices on the head. And we want to lift transparency in a sector that has often been shrouded in secrecy so that consumers get a fair go. And that small businesses have a chance to deliver good products to the market," Jones said in a speech.

"This framework will lead to more choice, lower prices, and fairer outcomes for consumers. And it will level the playing field for small businesses and give them a chance to compete with good, innovative ideas," he said.

The government announced in mid-November a plan to force social media companies to take proactive steps to ensure the well-being of users and late in the month passed legislation through parliament for world-first laws banning children younger than 16 from using social media.

Xinhua News Agency correspondents reporting from Canberra.
(XHTV)