The Australian government has introduced legislation that would require social media companies to adopt an industry standard on battling disinformation. The law would force social media companies to keep records of how they enforce that standard and give the Australian Communications and Media Authority (ACMA) the power to obtain those records and fine companies up to $2.75 million ($1.84 million USD) or 2 percent of global revenue, whichever is greater, if they don't act aggressively enough to block disinformation. If the industry does not create its own code of conduct, law gives the ACMA the power to create one. The penalty for violating that standard would be up to $6.8 million ($4.54 million U.S.) or 5 percent of global revenue.
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