Tech giants such as Apple, Samsung and Google face increased scrutiny to foster competition in the tech sector, with fines of up to $50 million for stifling competition in app stores and ad tech.
Firms that attempt to stifle competition in app stores that hurt consumers and eat into the potential profits of emerging small businesses face fines of up to $50 million as the federal government broadens its war against the world’s tech giants .
If the commission finds a particular problem, the responsible minister can then “designate” that platform, which would pave the way for special rules. Failure to honour those rules would expose the offending company to fines of up to $50 million or 30 per cent of turnover.Jones will say the government has to act to ensure competition because of the growing importance of digital platforms to the economy.
The proposed changes would also seek to remove barriers to consumers switching to different platforms or even deleting apps on their devices. “But we are determined to get this done. The parliament has overwhelmingly passed this legislation and it’s the right thing to do.” It is the first review of the area in almost 20 years and follows a sharp drop in the amount of R&D investment, which now accounts for 1.68 per cent of GDP compared with the OECD average of 2.73 per cent.The review will be headed by Robyn Denholm, who chairs Elon Musk company Tesla. Other panel members include former chief scientist Ian Chubb and plastic surgeon and burns specialist Fiona Wood, who is a former Australian of the year.
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