The Public’s Response to Labor’s Bill to Ban Under-16s from Social Media
The snap inquiry into Labor’s bill to ban under-16s from social media has sparked significant interest from the public, with approximately 15,000 submissions received in just over a day, according to Crikey.
Initial Hearing and Submissions
The first and only hearing in the inquiry began at 9 am on Monday and was scheduled to conclude at midday. By 11 am, halfway through the hearing, only 28 submissions had been uploaded to the committee website.
The surge in interest in the inquiry was amplified by a viral post from tech mogul Elon Musk, who garnered global media attention for the bill with his response to a post by Prime Minister Anthony Albanese on X, stating it seemed like a way to control access to the Internet for all Australians.
Although the exact number of submissions received was not disclosed by the communication minister’s office or the committee secretariat, the volume of responses is notably high for an inquiry, especially with such a tight timeframe. For comparison, a previous Parliament inquiry on an amendment to the Online Safety Act received 144 submissions.
Witnesses and Testimonies
The inquiry featured 12 witnesses at the Monday hearing, including Australia’s privacy commissioner, senior officials from the Department of Infrastructure, Transport, Regional Development, Communications and the Arts, youth mental health experts, and representatives from Australia’s tech lobby group DIGI.
During the hearings, tensions ran high at times with contentious interactions between committee members and witnesses, showcasing clear ideological divides between supporters and opponents of the bill.
Expert Insights and Debates
- Macquarie University adjunct professor Dr. Danielle Einstein highlighted the harms of social media, emphasizing the lack of benefits.
- University of Melbourne’s Professor Susan Sawyer disputed claims linking social media to mental illness in young Australians based on her research.
- Project ROCKIT CEO Lucy Thomas argued against the ban, citing positive experiences shared by young Australians regarding social media.
- Headspace’s Nicola Palfrey cautioned against attributing suicide solely to social media, suggesting a ban may not impact rising rates.
Political Developments and Opposition
Labor faced scrutiny over its policy priorities as the legislative year neared its end, with approximately 30 bills introduced to Parliament but not yet passed. The proposal to restrict children’s social media access was initially raised by the Coalition in April, with Labor announcing its intention to introduce the Social Media Minimum Age bill in November.
Communications Minister Michelle Rowland stressed the bill’s focus on protecting young people from social media harms, shifting responsibility to platforms to implement necessary safeguards.
While the bill was expected to pass the lower house with Coalition support, dissent emerged within the party ranks, particularly among Nationals MPs Keith Pitt and Matt Canavan, questioning the bill’s effectiveness.
Opposing Views and Proposed Amendments
Greens Senator Sarah Hanson-Young voiced opposition to the age ban and proposed a “digital duty of care” requiring social media companies to prioritize user protection rather than enforcing a blanket ban on young users.
Human rights commissioner Lorraine Finlay raised concerns about the rushed nature of the bill, highlighting potential impacts on children’s rights to expression, association, education, and health.
Government Initiatives and Technology Trials
The federal government’s bill places responsibility on social media providers to prevent users under 16 from accessing their platforms, with the eSafety commissioner tasked with defining necessary precautions. Technologies being trialed include digital IDs, facial analysis, and other methods to verify users’ ages.
The report on these trials is expected in mid-2025, post-election, requiring companies to verify users’ ages to restrict access for those under 16.
For further feedback or contributions, contact us at letters@crikey.com.au with your full name for potential publication in Crikey’s Your Say section.
Title: The Rise of Sustainable Investing: Shaping the Future of Finance
Introduction:
Sustainable investing, also known as socially responsible investing, is gaining momentum in the financial world as investors increasingly prioritize environmental, social, and governance (ESG) factors when making investment decisions. This shift is not only driven by ethical considerations but also by the growing recognition that companies with strong ESG practices tend to outperform their peers over the long term. In this article, we will delve into the key trends, benefits, and challenges of sustainable investing, and explore how it is reshaping the future of finance.
The Growth of Sustainable Investing
According to the Global Sustainable Investment Alliance, the total assets under management in sustainable investments reached $30.7 trillion in 2018, a 34% increase from 2016. This exponential growth can be attributed to several factors:
Increasing awareness and demand from investors for ethical and sustainable investment options
Regulatory changes mandating greater transparency and disclosure of ESG information
Growing evidence that sustainable investing can deliver competitive financial returns
The Benefits of Sustainable Investing
Sustainable investing offers a range of benefits for investors, companies, and society as a whole:
Enhanced risk management: Companies with strong ESG practices are better equipped to manage risks related to climate change, regulatory changes, and stakeholder relations.
Improved financial performance: Numerous studies have shown that companies with high ESG ratings tend to outperform their peers in terms of stock performance, profitability, and resilience.
Positive societal impact: By investing in companies that prioritize sustainability, investors can contribute to positive social and environmental outcomes, such as reducing carbon emissions, promoting diversity and inclusion, and improving labor practices.
Challenges and Opportunities
While the momentum behind sustainable investing is undeniable, there are still challenges that need to be addressed:
Lack of standardized ESG metrics and reporting frameworks
Greenwashing and the need for greater transparency and accountability
Short-term focus and pressure to deliver immediate financial returns
Despite these challenges, the rapid growth of sustainable investing presents a significant opportunity for investors, companies, and policymakers to drive positive change and create a more sustainable and equitable financial system.
Conclusion:
As sustainable investing continues to gain traction, it is clear that it has the potential to reshape the future of finance by aligning financial interests with social and environmental goals. By integrating ESG factors into investment decisions, investors can not only drive positive change but also potentially achieve superior financial returns. As the momentum behind sustainable investing grows, it is crucial for all stakeholders to collaborate and innovate to create a more sustainable and resilient financial system for future generations.
FAQs:
What is sustainable investing?
Sustainable investing, also known as socially responsible investing, involves considering environmental, social, and governance (ESG) factors in investment decisions to generate long-term value.
How does sustainable investing benefit investors?
Sustainable investing can help investors manage risks, improve financial performance, and contribute to positive social and environmental outcomes.
What are the challenges of sustainable investing?
Challenges include lack of standardized ESG metrics, greenwashing, and short-term focus on financial returns.