Australia said it will establish the world's first dedicated office to police Facebook Inc. and Google as part of reforms designed to rein in the U.S. technology giants, potentially setting a precedent for global lawmakers.
The move tightens the regulatory screws on the online platforms, which have governments from the United States to Europe scrambling to address concerns ranging from antitrust issues to the spread of "fake news" and hate speech.
Australian Treasurer Josh Frydenberg said the $5 billion fine slapped on Facebook in the United States this month for privacy breaches showed regulators were now taking such issues extremely seriously.
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