Tech giants face tax over Australian news content

0:00There's new pressure on global tech titans to pay for Australian news content. Anthony Albanese, today announced new laws to make social media giants pitch in for the local journalism they use or pay more in tax. The Prime Minister making news, supporting those, making the news. There's no substitute for Australian news and stories being told by Australian journalists. Releasing proposed new laws forcing Google, Meta and TikTok to pay for the news they take from mainstream sources and effectively resell. It is a regime that did need reform. Announcing a news bargaining incentive, encouraging big tech to reach deals with news organizations to pay for news content or else face a 2.25% tax on the Australian revenues. Platforms should do deals with news organizations. If they decide not to, they will end up paying more.

1:03The deals are expected to deliver $250 million a year to Australian media outlets. The tax would cost big tech at least $300 million. The incentive closes a loophole in the original media bargaining code which had allowed Meta to unfriend all its agreements and not pay anything. Meta calling today's announcement a government mandated transfer of wealth from one industry to another from Google we reject the need for this tax. These big tech companies are ripping Australians off. Media owners warn the tech giants aren't just stealing their news content but their advertisers with it putting the financial future of major news services at risk. Warning if the platforms don't pay then journalism becomes unsustainable. The news consumers, bad news. There's another part-time tech titan who'd be interested in today's announcement. A truth social owner Donald Trump white house officials have previously compared the move to a digital services tax which Mr Trump has threatened to retaliate against with even hired terrorists.

2:08But Anthony Albanese says the laws are in Australia's best interests and as such wants them passed in Parliament's winter session to take effect this year. Mark Raleigh in Canberra thank you.