Targeting Meta, Google, etc... If you sign a news contract with an Australian media company, your burden will be reduced.

(Hanoi = Yonhap News) Correspondent Park Jin-hyung = Australia has enacted a law to collect a certain percentage of sales as a fee from global big techs (giant information technology companies) such as Meta that do not enter into news use contracts with domestic media companies.

According to Reuters on the 21st (local time), the previous day, the Australian Parliament passed the 'News Negotiation Incentives' bill containing such contents.

According to this law, sizable social media and search service platform companies with advertising sales in Australia of more than 250 million Australian dollars (about 247 billion won) must pay a fee of 2.5% of their sales if they do not enter into a news supply contract with an Australian media company.

Big techs that meet this standard include Meta, Google, and TikTok.

If a platform that falls within the lower limit of sales standards does not sign any news contract, the burden it must pay will be 6.25 million Australian dollars (about 6.17 billion won).

The contract amount these companies sign with Australian media outlets is offset by 150% in the case of contracts with large media companies and 200% in the case of small and medium-sized media companies.

“Today is an important day for the Australian news industry and media,” the Australian government said in a statement. “The law is in place and the message is clear: platforms must pursue commercial agreements.”

The Australian government plans to distribute and support additional tax revenue raised through this law to media companies.

Previously, in April, Australian Prime Minister Anthony Albanage released a draft of this bill, saying, "Investment in the media is essential for a healthy democracy," and emphasized, "Big multinational corporations should not take (news) and use it only to make profit for themselves without properly compensating those who produce creative content."

Also, regarding concerns about backlash from the US administration of Donald Trump, he said, "We are a sovereign nation," and added, "The government will make decisions with Australia's national interests as the top priority."

The Trump administration has threatened to impose tariffs on countries that target U.S. Big Tech.

The Australian government is strengthening social media regulations, including introducing the world's first policy to block social media accounts of youth under 16 in December last year.