Stated another way ...

EVERYONE will be banned from using social media in Australia, unless they KYC their info and their state issued identity indicates that they are above the age of 16. As companies could be fined up to $32 million U.S. for any breaches under the law, this is also intended as another source of revenue from Google, Meta, and X. Additional surveillance and compliance measures will be stipulated for these companies to report on their userbase.