"Australia's new News Bargaining Incentive requires social media companies making AU$250 million a year to pay 2.25% of local revenue, which can be offset by deals with local media."
"The previous News Media Bargaining Code suggested negotiations between tech companies and local publishers, but many companies, including Meta, resisted and faced forced arbitration."
"The new scheme aims to support journalism by ensuring that social media platforms contribute financially, while also encouraging them to engage with local media through negotiated agreements."
"Media organizations eligible for the new scheme must have revenue of AU$150,000 or more and demonstrate a commitment to serving Australian audiences and meeting professional standards."
Australia has introduced a 2.25% tax on revenue from social media and search companies to support journalism, which can be avoided if companies negotiate deals with local media. This new scheme replaces the 2021 News Media Bargaining Code. Companies making AU$250 million annually in Australia must comply, but can offset the tax by funding local media content. The proposed legislation targets media organizations with revenue over AU$150,000 and aims to ensure they meet professional standards.
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