Australia Set to Regulate Tech Giants After Regulator Urges Reform
July 25 2019 - 10:12PM
Dow Jones News
By Rob Taylor
CANBERRA, Australia--The Australian government is set to
regulate the power of multinational digital companies after the
country's antitrust regulator called for reforms to rein in their
influence over news and advertising markets.
Australia's competition watchdog has been one of the first in
the world to scrutinize the impact tech giants have on advertising
and news, raising concerns among such companies that its findings
could lead other countries to tighten their own regulations.
Australia Treasurer Josh Frydenberg said Friday that, after a
12-month investigation, the government has "no option" but to
reform the sector to address serious concerns about the way tech
firms including Facebook Inc. (FB) and Alphabet Inc. (GOOGL) handle
the private data of consumers and use their market power.
"These digital platforms have grown rapidly and are posing
challenges to authorities the world over," Mr. Frydenberg told
journalists. "The world has never seen so much data collected and
aggregated among two companies."
The government will hold a three-month consultation process to
choose what measures to take, he said, with a decision to be given
later this year.
Write to Rob Taylor at rob.taylor@wsj.com
(END) Dow Jones Newswires
July 25, 2019 21:57 ET (01:57 GMT)
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