Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

Posted By Uma Rajagopal

Posted on November 29, 2024

Big tech says Australia “rushed” social media ban for youths under 16

SYDNEY (Reuters) – Big Tech corporations on Friday hit out at a landmark Australian law that bans youths under the age of 16 from accessing social media, saying the law was “rushed” through parliament.

Australia approved the social media ban for children late on Thursday. The law forces tech giants from Instagram and Facebook owner Meta to TikTok to stop minors logging in or face fines of up to A$49.5 million ($32 million).

TikTok, the hugely popular platform where teen users upload and share videos, said in a statement to Reuters on Friday that it was likely the ban could see young people pushed to darker corners of the internet.

“Moving forward, it’s critical that the Australian government works closely with industry to fix issues created by this rushed process. We want to work together to keep teens safe and reduce the unintended consequences of this law for all Australians,” it said.

The government had warned Big Tech of its plans for months, and first announced the ban after a parliamentary inquiry earlier this year that heard testimony from parents of children who had self-harmed due to cyber bullying.

Albanese’s Labor party, which does not control the Senate, won crucial support from the opposition conservatives for the bill, allowing it to progress quickly.

The bill was introduced into parliament last Thursday and sent to a select committee on Friday where interested parties had 24 hours to make a submission. The legislation was passed on Thursday as part of 31 bills that were pushed through in a chaotic final day of parliament for the year.

Meta criticised the law saying it was a “predetermined process”.

Last week, the parliament’s own committee said the ‘causal link with social media appears unclear,’ with respect to the mental health of young Australians, whereas this week the rushed Senate Committee report pronounced that social media caused harm,” it said in a statement in the early hours of Friday.

Snapchat parent Snap said it leaves many questions unanswered.

Australia has been at loggerheads with the mostly U.S.-domiciled tech giants for years. It was the first country to make social media platforms pay media outlets royalties for sharing their content and earlier this year said it plans to threaten them with fines for failing to stamp out scams.

Sunita Bose, managing director of Digital Industry Group, which has most social media companies as members, said no one can confidently explain how the law will work in practice.

“The community and platforms are in the dark about what exactly is required of them,” she said.

A trial of methods to enforce it will start in January with the ban to take effect by Nov. 2025.

(Reporting by Byron Kaye; writing by Praveen Menon; editing by Michael Perry)

Recommended for you

  • Report on Emerging Technologies in Marketing: Exploring AI, VR, and Other Innovations

  • Andrea Chedas Sets the Standard in Modern Security and Risk Management Consulting

  • Growing financial services to new heights in 2025: Top predictions