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Australia threatens fines for social media giants enabling misinformation

SYDNEY (Reuters) -Australia said it will fine internet platforms up to 5% of their global revenue for failing to prevent the spread of misinformation online, joining a worldwide push to rein in borderless tech giants but angering free speech advocates. The regulator would set its own standard if a platform failed to do so, then fine companies for non-compliance. The bill is part of a wide-ranging regulatory crackdown by Australia, where leaders have complained that foreign-domiciled tech platforms are overriding the country's sovereignty, and comes ahead of a federal election due within a year.