Treasury has estimated how much industries including telecommunications, social media and banks will likely need to fork out
Get our breaking news email, free app or daily news podcast
Digital platforms and banks could incur more than $100m of costs to comply with new requirements to crack down on scams, according to modelling by the Treasury.
Treasury’s impact analysis found that banks – especially small and foreign-owned banks – were likely to fork out $101m in the first year and $32m each year thereafter to avoid multimillion-dollar fines for failing to prevent scams.
Sign up for Guardian Australia’s breaking news email
More Stories
Thousands evacuated in three Canadian provinces as wildfires continue
Polls set to close in tight presidential race in Poland – live
Greta Thunberg joins aid ship sailing to Gaza aimed at breaking Israel’s blockade