Cut privacy red tape to boost innovation: tech giants
The social media giant's warning to the Productivity Commission comes as chief Mark Zuckerberg and other executives are being sued by shareholders in a $8 billion Facebook privacy case.
The commission is looking at rule changes that seek to boost public confidence in data and technology to make it easier for Australians to benefit from AI, which has been labelled by experts as a danger to society.
In its submission to the inquiry, Meta said it supported attempts to streamline privacy rules and regulations, both in line with domestic and international regulatory frameworks, to reduce compliance costs and increase global competitiveness.
"We are concerned that recent developments are moving Australia's privacy regime to be out of step with international norms, impose obligations on industry that conflict with broader digital policy objectives to promote age appropriate and safe experiences online, and disincentivise industry investment in AI in Australia or in pro-consumer outcomes," it reads.
Australia's proposed social media ban for children under the age of 16 has emerged as a key issue with US tech giants as the Albanese government tries to manage President Donald Trump's deepening trade war.
The "world-leading" laws will come into effect from December, and will capture online platforms including Instagram, Facebook and TikTok.
For Australia to harness the productivity potential of technology and avoid "unintended consequences" any reform to the Privacy Act should give proper attention to policy alignment in areas such as online safety and AI, Meta said.
The giant urged the nation to incorporate "innovation and economic interests" as objectives of privacy rules.
Google said Australia might be left behind other nations in the Indo-Pacific, given governments such as Japan and Singapore have implemented "innovation-friendly" policy to lift their economic competitiveness.
"Businesses, especially those operating at the cutting edge of AI development, may hesitate to commit significant resources if the precise interpretation and application of the rules in Australia remain unclear (and) are overly restrictive," the submissions reads.
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