Social media companies will be threatened with up to $50 million fines for systematically breaching age verification laws, under an Albanese Government plan to ban under 16s from the platforms. The Government announced earlier this month it had settled on 16 as the minimum age for social media access, arguing the laws would protect children from online harm. The laws will apply to teens under 16 using social media now, meaning they will need to get off the apps, even if their parents give them permission. Source: ABC News.