Australia’s energy minister highlights the country’s strategic petrol reserves, noting supplies are sufficient for just over a month. Meanwhile, questions arise over penalties for tech companies under proposed regulations, with concerns raised that fixed fines may not adequately address the scale of their operations. The minister argues that behavioral change and restoring public trust—rather than punitive financial measures—should drive reform, emphasizing broader global incentives. Recent legislative wins, including social media age laws and media incentives, frame the government’s push for digital accountability as part of a wider reform agenda.
The energy minister says Australia has 41 days’ worth on petrol in strategic reserve. Follow today’s news liveGet our breaking news email, free app or daily news podcastAsked about Greens concerns that the penalties for breaching the bill are $100m for companies, which is not a lot for massive tech companies. Asked why the government won’t fine them a percentage of their global revenue like Europe does, she said:I think the Greens and I agree on the fact that this is about changing the behaviour of big tech, and ultimately this is about the social licence, and no particular figure that we mandate in Australia is going to be enough for the world’s richest companies.It’s got to be about what incentivises the change in behaviour and what gives them back the social licence that they are losing in Australia.”That’s a hypothetical, David, and I tell you what, I’m up to pussy’s bow delivering all the other parts of the portfolio.We just passed news media incentive, the gambling reforms, eight bills last fortnight. This week, we’ve passed the social media minimum age laws, and we’ve introduced the exposure draft for the digital duty of care.” Continue reading...
