Social media platforms, news-aggregators, and even podcasts will be covered under the proposed legislation.

In a release draft legislation proposed by Communications Minister Michelle Rowland, media regulator the Australian Communications and Media Authority (ACMA) would be authorised to require digital platforms to keep certain records about matters regarding misinformation and disinformation and turn them over when required.

However, the ACMA does not have to power to determine what is true or false.

The ACMA would be able to scrutinise what the measures the platforms are taking to ensure compliance, reported ABC.

In a press statement, Rowland says proposed power will bring “transparency to efforts by digital platforms to respond to misinformation and disinformation on their services, while balancing freedom of expression which is at the heart of democracy.”

“The Albanese Government is committed to keeping Australians safe online, and that includes ensuring the ACMA has the powers it needs to hold digital platforms to account for mis and disinformation on their services,” she said.

Platforms that violate the code could be fined up to $2.75 million or 2% of a company’s global turnover.

Australian media reported that the ACMA will be given the authority to create its own industry standard.

Breach of these standards could see companies pay up to $6.8 million or 5% of a company’s global turnover.

ABC reported that Shadow Minister for Communications David Coleman raised concerns about the proposed law.

He was quoted by the ABC saying, "[The] public will want to know exactly who decides whether a particular piece of content is misinformation or disinformation.”

The draft of the bill defines misinformation as “unintentionally false, misleading or deceptive content.”

Disinformation is misinformation intentionally disseminated to cause harm.

According to reports, the ACMA has been consultation with social media platforms during the bill’s drafting.