Paul Fletcher (Bradfield, Liberal Party, Minister for Communications, Urban Infrastructure, Cities and the Arts) Share this | Hansard source

Let me start by thanking those members who've contributed to this debate. The Treasury Laws Amendment (News Media and Digital Platforms Mandatory Bargaining Code) Bill 2020 establishes a world-first mandatory code to address the bargaining power imbalances that exist between digital platforms and Australian news media businesses. With consumers now turning more and more to news online, news media businesses are grappling with the challenge of finding a viable and sustainable business model for the provision of public interest journalism. Public interest journalism plays an important role in our society. This role can only be fulfilled by a strong, diverse and sustainable Australian news media sector.

This bill responds to the key findings of the Australian Competition and Consumer Commission's digital platforms inquiry. The ACCC conducted a detailed inquiry over almost 18 months and set out a series of recommendations in response to the substantial market power that has arisen through the growth of digital platforms, their impact on competition in media and advertising markets, and implications for news media businesses, advertisers and consumers. The ACCC found that digital platforms had become unavoidable trading partners of news media businesses, providing them with substantial bargaining power. This problem is not unique to Australia, and we recognise that similar findings are emerging overseas.

This code addresses this problem in a fair and flexible way. It is a key part of the government's strategy to ensure that Australians continue to enjoy the benefits of digital technology while, at the same time, protecting key elements of Australian society such as a strong, sustainable and Australian independent news media. The code will be reviewed by the Treasury one year after its operation to ensure it is delivering outcomes that are consistent with the government's policy intent.

I thank the Senate Economics Legislation Committee for its consideration of this bill and welcome the finding that it will help safeguard public interest journalism in Australia. I thank all who have spoken and I commend this bill to the House.

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