Australia to tax tech giants

The Australian government has introduced the 'News Bargaining Incentive,' a 2.25% tax targeting the local revenues of digital giants like Meta, Google, and TikTok.

The proposed law aims to provide sustainable funding for local newsrooms that have struggled as advertising revenue shifted to social media platforms.

Companies that reach private deals with news outlets would be exempt from the tax, providing a strong incentive for negotiation.

The move follows similar efforts in other countries to force tech companies to pay for the content that drives user engagement on their platforms.