New Zealand Prime Minister Christopher Luxon said on Monday his party will introduce a bill in Parliament that would ban children under 16 from using social media.

The proposed legislation would require platforms to take reasonable steps to verify user ages using existing account information, facial technology, and digital identity documents. Companies that fail to comply could face fines of up to 10 per cent of global revenue, according to a recent report by Reuters on the matter.

"We simply cannot accept the harm being done to a generation of New Zealand children," Luxon said in a statement. "Social media is exposing them to harmful content, addictive technology and pressures they are not equipped to deal with, and it's affecting their family life, mental health, sleep and education."

The bill gained a significant boost on Tuesday when Labour, the main opposition party, said it would support the measure. Labour leader Chris Hipkins called on the government to move quickly. "With Labour's support there is no reason for the government to delay the bill and we expect to see it through its first reading before the election," he said in a statement.

Luxon acknowledged the proposed rules would not be perfect. "I won't pretend that it will be simple or that it will be perfect," he said at an event. "We won't get every single child off social media. Some will always find ways around it, but frankly, it's just way too important not to at least try."

Australia became the first country to ban social media for under-16s in December, and other nations including Britain, are taking steps to restrict access for children and younger teenagers. New Zealand's election is scheduled for November 7.