Social media companies could be fined up to five per cent of their annual turnover under the Commonwealth’s proposed laws.

Musk, who owns social media platform X, responded to a post about Australia’s measures with one word.

“Fascists,” he wrote.

Asked about the comment, Bill Shorten hit back.

“Elon Musk has more positions on our free speech than the Kama Sutra,” he told the Today show on Friday.

“When it’s in his commercial interests, he is the champion of free speech, when he doesn’t like it, he’s going to shut it all down.”

Australia’s misinformation legislation would give the communications watchdog powers to monitor and regulate content on digital platforms.

It would also allow it to approve an enforceable industry code of conduct or introduce standards for social media companies if self-regulation was deemed to fail.

This is not the first time Mr Musk has battled against Australian authorities.

In April, the eSafety Commissioner issued an edict to X, formerly known as Twitter, to remove graphic content after clips of Sydney Bishop Mar Mari Emmanuel being stabbed remained on the platform.

During the months-long saga, Mr Musk accused the Australian government of suppressing free speech.

Several politicians hit back, with the prime minister labelling him an “arrogant billionaire”.

But in June, the safety commissioner discontinued the Federal Court proceedings.