<s there a plan to start fining the social media companies themselves? Or raise their liability thresholds?>

they will apparently be fined around AUD$50M if they fail to do due diligence (not sure how the legislation phrases. I am not sure if any social media company has at this stage. Unfortunately we have a dictator as a so-called e-safety commissioner backed up by an equally useless PM who seem to think all parents are unable to monitor themselves or their kids online behaviour

Seems like a drop in the bucket for these corporations. If anything, it'll just entrench the existing social media sites further and be another operating cost for them.