Australian Treasury Secretary Josh Freidenberg said in a statement that the new law, which was approved by the Australian Parliament Thursday, “will ensure that news media companies are paid a fair fee for the content they create.”
Facebook even shut down news pages in Australia last week in protest against the legislation. But it brought it back earlier this week after the state made some changes to the code, including a clause that “must take into account whether the digital platform has made a significant contribution to the sustainability of the Australian news industry by reaching trade agreements with the media.” Business newsletter. “
Meanwhile, arbitration will now only be used as a “last resort” after the “good faith” mediation period.
Facebook said after those reviews that the new agreement would allow it to “support the publishers we choose.” She later revealed a deal with major Australian news company Seven West Media.
The Australian government said the Treasury will review the law one year later “to ensure that it delivers results consistent with the government’s policy intent.”