Australia Proposes Levy on Tech Giants for News

Australia is set to implement a mandatory levy on major tech companies like Meta and Google to ensure they compensate local media outlets for news content, following Meta's decision not to renew existing agreements beyond 2024. The new rules, which target firms generating over $250 million in Australian revenue, aim to support quality journalism as digital platforms have disrupted traditional media sectors, leading to job losses and reduced advertising revenue for news organizations. Assistant Treasurer Stephen Jones emphasized that the goal is to incentivize negotiations between tech firms and media companies rather than merely raise revenue. If tech companies do not enter into agreements, they could face substantial fines amounting to millions. Meta has criticized the proposal, arguing that news content is not a primary reason users visit their platforms, while Google has expressed concerns that the policy could undermine existing commercial agreements. The Australian government is committed to closing loopholes in previous laws that allowed social media platforms to escape their responsibilities toward local journalism.