▲ Meta (File Photo)
Australia has enacted a law that collects a certain percentage of revenue as a levy from global big tech companies, such as Meta, that fail to sign news usage agreements with domestic media outlets.
According to Reuters and other foreign media outlets on the 21st local time, the Australian parliament passed the News Bargaining Incentive bill the previous day.
Under this law, major social media and search platform companies with annual advertising revenues of 250 million Australian dollars (approx. 247 billion won) or more in Australia must pay a 2.5% levy on their relevant revenue if they do not enter into news supply agreements with Australian media companies.
Big tech companies that meet this threshold include Meta, Google, and TikTok.
If a platform meeting the minimum revenue threshold fails to secure any news agreements at all, the required levy would amount to 6.25 million Australian dollars (approx. 6.17 billion won).
The contract amounts that these companies sign with Australian media outlets will be offset against the levy by 150% for deals with major media companies and 200% for deals with small and medium-sized media outlets.
In a statement, the Australian government declared, "Today is an important day for Australia's news industry and media," adding, "The law is in place, and the message is clear that platforms must pursue commercial agreements [with Australian media outlets]."
The Australian government plans to distribute and support the additional tax revenues generated through this law to media companies.
Previously in April, Australian Prime Minister Anthony Albanese unveiled a draft of the bill, emphasizing, "Investment in journalism is essential for a healthy democracy," and stating, "Large multinational corporations should not take [news] without proper compensation for those who produced creative content and use it solely to generate profits for themselves."
Regarding concerns over potential backlash from the U.S. administration under Donald Trump, he noted, "We are a sovereign nation," and "The government will make decisions prioritizing Australia's national interest."
The Trump administration has previously threatened to impose tariffs on countries targeting U.S. big tech with taxes.
The Australian government has been tightening regulations on social media, including introducing a world-first policy last December to ban social media accounts for minors under the age of 16.
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