Social media executives could face jail if their platforms broadcast terrorist attack and other violent material under legislation which has cleared the Senate.
The Morrison government's crackdown on social media companies comes in the wake of the Christchurch massacres being broadcast live on Facebook.
Under the bill, companies would be breaking Australian law if they did not take down footage of terrorist acts immediately.
Prime Minister Scott Morrison in Parliament House. Source: AAP
Labor backed the legislation in the Senate on Wednesday night giving the bill one day to pass the House of Representatives before next month's election.
Australian Industry Group chief executive Innes Willox has warned against rushing the bill, urging politicians to consult before making it law.
"More time is required for consultation on this Bill to ensure that it properly addresses the underlying community need, without unnecessarily impinging on fundamental existing media rights and freedoms," he said.
"Rushing this legislation through will not make Australia safe."
Earlier in the week, Attorney-General Christian Porter said the Christchurch terror attack proved social media needs to be held accountable.
"The utterly tragic events in Christchurch demonstrate that the tools that can now be used by terrorists to spread fear, violence and messages of fanatical hate are not limited sadly to guns," he said.
Scott Morrison says Australia would encourage other G20 nations to hold social media firms to account. Source: SBS
"Content providers and hosts can no longer be reckless as to the presence of that type of abhorrently violent material and the time to pass on law to make that so is this week."
The social media penalties legislation was one of more than 20 bills that will be rammed through the Senate late on Wednesday night before the upper house rises for the last time until Australians go to the polls.
Cashless welfare card trials across Western Australia and South Australia were extended for a year, while Cape York will also get the controversial program.
A tax loophole for foreign investors will be slammed shut, while changes to the Petroleum Resource Rent Tax are expected to raise $6 billion over 10 years.
