Tech giants face tax for Australian news content

0:00The Prime Minister says the ball is in the tech giant's court when it comes to paying their share for the Australian news content, Anthony Albanese, today revealing a new plan to encourage social media platforms to strike a deal for journalism or cough up a penalty. Josh Martin reports from Parliament House. Good afternoon. Prime Minister held a press conference in his courtyard this afternoon to announce major changes to do with the future of journalism. Anthony Albanese has revealed draft legislation that will make social media companies pay for Australian news. The PM says the updated news media bargaining incentive would encourage big tech companies to make deals with Australian news services. If they don't, they'll be taxed the portion of their revenue, which goes back to media companies through the government. Sit down with news organisations, get these deals done and then we can move forward.

1:03We believe it's only fair that large digital platforms contribute to the hard work of journalism that enriches their feeds and drives their revenue. In other political news today, the coalition has announced a long-term fuel security plan, that it mits it would cost drivers one cent a litre extra to fund. Angus Taylor says he'd create an $800 million government finance facility to dish out loans and grants for companies to build more oil storage here in Australia, a billion litres of fuel. In fact, the plan wouldn't be fully realised until 2030 and it would see our fuel security increase to 60 days. The lab has attacked Angus Taylor's credibility on the issue. He was the energy minister under Scott Morrison and he did build reserves in Texas in America and two refineries closed, one in Western Australia, one in Victoria. The government can do this tomorrow. We can commit to this tomorrow. We're asking them to work with us.

2:04Of all the people in this building, of all 150 members of the House of Representatives, there is none who has less credibility on fuel security than Angus Taylor. The treasure at Jim Charmers is understood to be working on his own fuel security plan to be announced in the budget on May 12.