The communications watchdog will have new powers to tackle social media misinformation.

After seeking community feedback, the federal government will introduce the Communications Legislation Amendment (Combatting Misinformation and Disinformation) Bill 2024 to parliament.

If passed, the legislation will better equip the Australian Communications and Media Authority to crack down on social media platforms that continue to spread “seriously harmful” misinformation. The Bill also contains strengthened protections for freedom of speech.

“Following public consultation on the draft Bill last year, revisions have been made that carefully balance the public interest in combatting seriously harmful misinformation and disinformation with the freedom of expression that is so fundamental to our democracy,” minister for communications Michelle Rowland said.

According to the Australian Media Literacy Alliance, 80% of Australians say the spread of misinformation on social media needs to be addressed.

“Misinformation and disinformation pose a serious threat to the safety and wellbeing of Australians, as well as to our democracy, society and economy,” Rowland said. “Doing nothing and allowing this problem to fester is not an option.”

If the social media giants fail to comply with the demands of the ACMA, they could face a range of penalties, including a maximum fine of 5% of their global revenue.

Social media companies will also be obliged to increase their transparency with Australian users about how they deal with false information on their platforms.

“The government is committed to keeping Australians safe online, and that includes ensuring the ACMA has the powers it needs to hold digital platforms to account for misinformation and disinformation on their services,” Rowland said. “I look forward to seeing the Bill become law.”