(UPDATE) SYDNEY, Australia — Australia's Prime Minister Anthony Albanese hit back at Elon Musk on Saturday after the tech mogul called his government "fascists" for proposing laws that would fine social media giants for spreading misinformation.

Australia introduced a "combating misinformation" bill earlier this week, which includes sweeping powers to fine tech giants up to 5 percent of their annual turnover for breaching online safety obligations.

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