My experience is the US, mind, not AU, so things are probably somewhat different there. But with that caveat in mind: At least on school days, the ONLY social interaction my 10 year old son gets with his peers is online through "social media". I've sent him outside to "bike around the neighborhood and find someone to play with" and he reported that there wasn't anyone. I walked around with him and sure enough, the streets were deserted @ 3:00 on a weekday afternoon. All the kids are kept inside or at some structured after school activity. If I want him to go to a friend's house that is not in walking distance my wife or I have to take time off to drive him there and pick him up. In my day you could just hop on your friend's bus and get off at his stop with him, but they don't allow that anymore (even with a not from the parents: I checked with the school).
Now that it is summer, everyone is in "camp", so again, no playmates if you don't also send your kid to "camp". I guess no one fucks around in each other's yard, plays pickup baseball, or goes fishing anymore. I've tried to raise my kids to have active independent childhoods, but without the network effect of other parents giving their kids the same freedoms, it just ain't happening.
So his friend group mostly coordinates through discord on their iPads to play minecraft and other online activities together as their main form of play. I understand that a lot of these social media platforms are not healthy for kids, but for many it is their ONLY outlet. To the extent social media gets regulated, it should be to curb predatory practices by the platform. That plus good parenting and supervision should be sufficient. But an outright ban is overkill.