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00:02Australia said it would double the maximum penalty for tech firms
00:06that systematically fail to uphold its social media ban for children, according to Reuters.
00:11The maximum fine would rise to $68 million from $34.1 million.
00:16The government also plans to strengthen the eSafety Commissioner's powers to compel platforms
00:20and third parties to provide information on compliance.
00:24Australia said the regulator is investigating possible noncompliance by Instagram,
00:28Facebook, YouTube, Snapchat, and TikTok.
00:33Google, Meta, Snap, and TikTok did not immediately comment on Australia's plans.
00:38The government said more than 5 million under 16 accounts have been deactivated
00:43or restricted since the ban took effect.
00:45A British medical journal study found 85% of Australians aged 12 to 15
00:50were still using social media three months after the ban began.
00:53For all things money, visit Benzinga.com.
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