Tech giants will pay for Aussie news
Australia is on track to become the first country in the world to order Google and Facebook to pay for news content after a landmark code was unveiled this morning.
Federal Treasurer Josh Frydenberg revealed the ACCC's news bargaining code in Canberra, saying it was designed to create a "level-playing field" for Australian media businesses that were forced to work with the powerful multibillion-dollar firms.
The code comes one year after the ACCC handed down the results of an 18-month investigation into digital platforms that recommended tech giants share revenue obtained "directly or indirectly" from news content on their platforms, which generate billions of dollars in advertising every year.
"It's about a fair go for Australian news media businesses, it's about ensuring that we have increased competition, increased consumer protection, and a sustainable media landscape," Mr Frydenberg said.
"Nothing less than the future of the Australian media landscape is at stake with these changes.
"It became apparent to us a number of months ago that we weren't making progress on that critical issue of payment for content.
"Hence we are moving down the path of a mandatory code. A mandatory code that governs those relationships and covers issues such as access to user data, the transparency of algorithms used by the digital platforms for the ranking and the presentation of media content, as well as of course payment for content."
"We want Google and Facebook to continue to provide these services to the Australian community which are so much loved and used by Australians.
"But we want it to be on our terms. We want it to be in accordance with our law. And we want it to be fair. And that is what has motivated us with this mandatory code."
More to come.
Originally published as Tech giants will pay for Aussie news