Financial reports from major Australian news publishers or industry analysis

Australia's Albanese Government Forces Tech Giants to Pay for News or Face Fines

Dec 12, 2024, 06:04 AM

The Australian government, under Prime Minister Anthony Albanese, has introduced a new plan to compel tech giants like Meta, Google, and TikTok to compensate Australian news publishers for content shared on their platforms. This initiative follows the Morrison government-era news media bargaining code, which previously saw companies such as Google and Meta pay news organizations. The new rules stipulate that digital platforms with Australian revenues exceeding $250 million must either enter into direct deals with media companies or face significant fines. The government's move is designed to ensure that tech platforms continue to fund journalism, with the threat of taxation for non-compliance. This policy comes after Meta announced earlier in the year that it would no longer fund journalism, prompting the government to strengthen the incentive for tech companies to make funding agreements with news organizations.