Australia toughens kids' social media ban, doubles potential penalties for tech firms

Australia said it will double the maximum penalty for tech firms that fail to comply with its ground-breaking social media ban for children. The move signals tougher enforcement as evidence mounts the ban has had little effect on teen usage. The news is modestly negative for platforms facing higher regulatory and compliance risk.

Analysis

Australia said it will double the maximum penalty for tech firms that fail to comply with its ground-breaking social media ban for children. The move signals tougher enforcement as evidence mounts the ban has had little effect on teen usage. The news is modestly negative for platforms facing higher regulatory and compliance risk.