Australian legislators will consider a new regulator, rules for algorithms, and a light approach to the metaverse while “mapping” Big Tech over the next year. The focus is squarely on the so-called ‘Big Five’ US companies and their growing power and influence in the marketplace.

The five companies – Google (Alphabet), Apple, Facebook (Meta), Amazon and Microsoft – have a reported market capitalization of nearly A$10 trillion, and their platforms account for around half the time Australians spend online. .

Senator Andrew Bragg, who will chair the Senate Economic Reference Committee’s Big Tech inquiry, wants Parliament to form a “stronger view” on corporate influence as countries around the world seek to dominate the tech giants.