06:58 AM EST, 12/02/2024 (MT Newswires) -- Apple ( AAPL ) , Google ( GOOG ) , and Meta (META) could face fines of up to 50 million Australian dollars ($33 million) under a proposed law in Australia aimed at curbing anti-competitive practices in the digital economy, Reuters reported on Monday.

The legislation, if enacted, would grant the government the authority to impose penalties on technology companies that suppress competition or prevent consumers from easily switching between services, based on recommendations from the Australian Competition and Consumer Commission.

The proposed law aims to simplify the process for consumers to transition between competing digital platforms, such as social media, internet browsers, and app stores, according to the report. The consultation period for the proposal will conclude on February 14.

Apple ( AAPL ), Google ( GOOG ), and Meta did not immediately respond to requests for comment from MT Newswires.