This report highlights the need for small nations like Australia and New Zealand to converge with global precedent when regulating social media content, particularly the EU and the US. Both the EU and the US are currently implementing major social media content regulation initiatives that will set these precedents. Australia and New Zealand should avoid divergent approaches to regulation, adopting a fast follower strategy. Transparency in algorithmic processes and expanding codes of practice are crucial. Even if these recommendations are adopted, there will be significant technical and policy challenges in social media content regulation, and a complete solution is not realistic.