The federal government’s revamped News Bargaining Incentive has passed both the House of Representatives and Senate.
The changes mean nominated Big Tech firms must pay a 2.75 percent tax on their annual revenue if they fail to strike payment deals with Australian news outlets.
The Incentive replaces the previous News Media Bargaining Code and will affect Google, Meta (which owns Facebook and Instagram), TikTok, and LinkedIn.
Any successful voluntary deal with a news outlet triggers an “offset” on the annual levy, which means, the digital platform pays a lower levy rate. A deal with a large outlet triggers a 150 percent offset on the 2.75 percent levy, while a deal with a regional outlet triggers a 200 percent offset….
