"Australia's Government Takes Aim at Big Tech: Proposed Revenue Tax on Meta, Google, and TikTok to Fund News Reporting" In a move aimed at addressing the long-standing issue of media financing, the Australian government is set to introduce a draft legislation that would tax tech giants Meta, Google, and TikTok a proportion of their revenue to fund news reporting. The proposed law, expected to be tabled in Parliament by July, seeks to hold these multinational corporations accountable for their significant influence on the country's online landscape. By imposing a revenue tax, Canberra hopes to create a sustainable funding model for news outlets and ensure that high-quality journalism continues to thrive in Australia. The development follows a protracted battle between the government and tech firms over the issue of media ownership and revenue sharing.
Australia is proposing to tax Meta, Google and TikTok a proportion of their revenue to pay for news reporters. The government intends to introduce the draft legislation to Parliament by July.
