Social media giants face US$78 million fines if they fail to protect young users from harmful content, Australia's prime minister said Tuesday as he unveiled draft laws reining in big tech. Communications Minister Anika Wells said big tech was facing a "reckoning".

Tech companies will face fines of more than $100 million for failing to take steps to prevent harmful content being shown to young people under the proposed digital duty of care.

Opposition Leader Angus Taylor has reservations about freedom of speech and “enormous ministerial discretion around censorship on the internet”.