Australia is set to introduce a new legislative amendment that will require social media and search engines to pay for news content, in a move aimed at getting Big Tech back to the negotiating table with local publishers. The development comes months after Meta, the parent company of Facebook, shocked Australian publishers by announcing it would not renew commercial arrangements worth around $70 million.

The proposed amendment, reported by the Financial Times, will target social media and search engines with local revenues exceeding $250 million per year. The "news tax" will be offset against any voluntary payments made to publishers, effectively forcing Big Tech to negotiate with local news outlets. The move is a clear response to Meta's withdrawal from the market, which has left a significant gap in revenue for Australian publishers.

The News Media Bargaining Code, introduced in Australia a few years ago, forced platform giants like Meta and Google to negotiate with news publishers to pay for journalism reshares. The code was seen as a major victory for local publishers, who had long argued that Big Tech was profiting from their content without fair compensation. However, Meta's decision to move away from promoting news on its platforms globally has thrown a spanner in the works, leaving publishers scrambling to find new revenue streams.

The Australian government's proposed amendment is likely to undergo public consultation next year, and could have significant implications for the tech industry. If passed, the legislation would mark a major shift in the balance of power between Big Tech and local publishers, forcing the former to take greater responsibility for the content they host. The move could also have implications for the global tech industry, as other countries consider similar measures to protect their local media outlets.

Industry experts have long argued that Big Tech's dominance of the online advertising market has had a devastating impact on local publishers, who struggle to compete with the tech giants' vast resources and reach. The proposed amendment could help to level the playing field, providing a much-needed revenue boost for local publishers and encouraging Big Tech to take a more collaborative approach to content distribution.

As the Australian government prepares to introduce the legislative amendment, all eyes will be on the tech industry's response. Will Big Tech agree to negotiate with local publishers, or will they dig in their heels and resist the proposed changes? One thing is certain: the battle for fair compensation for news content is far from over, and the Australian government's move is likely to be just the first salvo in a global fight for the future of journalism.