SYDNEY, Dec 2 (Reuters) - Australia proposed a law on

Monday that could impose fines of up to A$50 million ($33

million) on global technology companies if they suppress

competition and prevent consumers from switching between

services.

The centre-left Labor government has targeted Big Tech's

influence, and parliament passed a law last week that banned

social media for children aged under 16.

The proposed law would empower Australia's competition

regulator to oversee compliance, investigate anti-competitive

practices online and fine companies, Assistant Treasurer Stephen

Jones said in excerpts of a speech due later on Monday.

"The digital economy challenges our current legal

framework," Jones will in the speech viewed by Reuters at the

public policy research McKell Institute in Sydney.

"The dominant platforms can charge higher costs, reduce

choice, and use sneaky tactics to lock consumers into using

certain products. Innovation outside of the established players

becomes almost impossible."

Apple ( AAPL ), Google and Meta, which

dominate app downloads and ad revenues, did not immediately

respond when approached for comment on the proposed law.

The consultation process is scheduled to end on Feb. 14 and

more discussions will be done to prepare the draft legislation.

The planned law, similar to the European Union's Digital

Markets Act legislation, could make it easier for people to move

among competing services, such as social media platforms,

internet browsers and app stores.

Based on advice from the Australian Competition and Consumer

Commission, the government can pick platforms that pose the

greatest risk of hurting competition.

"Initially, we will look to prioritise app marketplaces and

ad tech services for service-specific obligations," Jones will

say.

These specific obligations would restrict companies from

pushing their apps with low user ratings to the top of their

search list and prevent providing favourable treatment to their

own services, compared with third parties.

A competition commission report on digital platform services

in 2022 showed Google controlled 93% to 95% of online search

services in Australia, while Apple's ( AAPL ) App Store accounted for

about 60% of app downloads and Google Play Store 40%.

Meta Platforms' ( META ) Facebook and Instagram together supplied 79%

of social media services in the country.

($1 = 1.5359 Australian dollars)