Australia to Fine Tech Giants Over A$250M for Not Paying for News

Dec 12, 2024, 03:43 PM

The Australian government has announced plans to introduce new regulations that would impose significant fines on large digital platforms, including Meta and Google, if they fail to compensate local media companies for news content hosted on their platforms. This move aims to address the imbalance in bargaining power between digital giants and news publishers, ensuring that quality journalism is supported amidst declining advertising revenues. The proposed tax would apply to tech companies earning over A$250 million in Australia, incentivizing them to reach revenue-sharing agreements with local news outlets. The initiative follows Meta's decision earlier in the year to not renew its three-year deals with Australian publishers, prompting the government to act to safeguard the future of public interest journalism and bolster democratic processes.