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Under 16 year olds will be barred from accessing X, Facebook, Instagram, Snapchat, and Reddit.
The law will come into force in 12 months.
The lower house has passed the Bill, meaning it will now go to the Senate for a vote.
‘We have serious concerns as to the lawfulness of the Bill, including its compatibility with other regulations and laws,’ X said.
Opposition Leader Peter Dutton has backed the ban, urging the government to finalise the bill before Christmas.
Inman Grant also said her job is not to be concerned with what Elon Musk is doing unless he is hurting the safety of Australians
The Bill is aimed at restricting social media access for under 16 year olds over concerns of increasing mental health problems.
‘The penalty amounts are intentionally large, which reflects the significance of the harms the Bill is intended to safeguard against,’ the government says.
Deputy leader of the Opposition Sussan Ley said she is confident social media companies will find a way to implement the ban.
There is now bipartisan support in Australia for a social media ban for children under 16.
