Apple Pay could soon be available for banks, while Google may have to ensure competing services are displayed more prominently alongside its own products.
Meta is also expected to be required to allow cross-platform communication between messaging services, according to the AFR.
The Australian government plans to enhance the powers of the Australian Competition and Consumer Commission (ACCC) to designate platforms posing significant competition risks.
This designation will inform which companies are included under competition laws, targeting their necessary compliance.
Misinformation enforcement
Social media companies like Facebook, Instagram, and TikTok will not be subjected to misinformation enforcement.
Once designated, these platforms must fulfill new obligations, similar to regulations in the European Union, promoting easier app use and greater algorithm transparency.
Assistant Treasurer Stephen Jones indicated that many platforms unfairly favor their own products, making it difficult for consumers to switch to alternatives.
Examples of enforcement may include changes in app store payment policies and the prominence of owned apps in search results.
Google currently faces a lawsuit regarding such practices with its payment systems.
