Canberra: Following the United States, European Union and France, even Australia has indicated to rein in the bigwigs such as Facebook, Google and alike from the technology sector. The Australian government, in its reports released on Friday, has recommended more regulations on these technology bigwigs like Google and Facebook. ‘Companies like Google and Facebook need to take on more responsibility and bring more transparency in their transactions,’ stated Australian Treasury Minister Josh Frydenberg indicating possible action against the companies from the technology sector.
At the beginning of this week, the US legal department decided to initiate inquiries against the technology bigwigs, which tried to monopolise the market using their financial might. Earlier to this, a hearing for these technology bigwigs, before the US Congressional committee was also conducted. Also, the Federal Trade Commission, a part of the US administration, has taken the action of imposing a fine of USD 500,000 on Facebook.
Reportedly, all the heads of the Central banks, of the countries present, at the G-7 meet, in France had unanimously accepted the ‘Digital Tax’ proposal. This gave preliminary approval to the countries to impose a minimum tax on technology bigwigs like Apple, Google, Amazon and Facebook, on the revenues earned by them from the respective countries. This proposal had the background of the Digital Tax imposed by France on all these technology companies. The decision of the French government to impose a tax of 3% on the companies with worldwide revenues above 750 million Euros and with revenue of more than 25 million Euros in France, created a sensation.
The US decision, the unanimous acceptance at the G-7 meeting and the tax imposed by the French government only show that the leading countries in the international community align against the monopoly of these big techs. The report released on Friday and the indications of further action show that Australia also is joining the group. It has been revealed that Australia already has established an independent agency intending to control these technology bigwigs.
The report of the Australian government targets the domination of a selected few companies in the internet sector and the unilateral and unrestricted use of user information. The report warns that the technology bigwigs trying to dominate the internet and media will have to clarify every action and decision henceforth. There are 23 recommendations in the report, with some crucial recommendations like the control on the use of consumer information should rest in the hands of the consumer and not the company.