Meta’s refusal to renew deals made under the News Bargaining Code is highly disappointing.

The Coalition put the code in place to address bargaining power imbalances between multinational digital platforms and Australian media companies.

The News Bargaining Code is critical competition policy to ensure that global social media giants do not abuse market power and that Australian publishers are fairly remunerated for the content they create.

This is important to support Australian jobs, small businesses, and a competitive media market that delivers good outcomes to consumers.

The government must consider all options under the existing legislation to support Australian publishers and deliver a sensible outcome to support Australian media.

When Meta made similar announcements in the UK, France and Germany in September last year, the government should have immediately taken measures to prevent this from happening in Australia.

The recent experience of Canada’s negotiations with Meta were also a clear indication of its intentions.

If the government is serious about competition, they must not allow digital service providers to hold Australian jobs and publishers hostage to dominant market power.

This is a critical test about whose side the government is on: Australian jobs, media, and publishers – or large multinational tech giants.

Shadow Treasurer Angus Taylor said Labor has been caught on the back foot.

“This is another example of a government that’s asleep at the wheel.

“This is a world leading competition policy, and the government needs to use it.

“The warning signs were there and the government ignored them.

“Labor has been all talk and no action.”

Shadow Minister for Communications David Coleman said the government must take action.

“The News Media Bargaining Code was a world-leading initiative of the Coalition Government. It has played a vital role in ensuring that Australian journalism is properly valued online. The Albanese Government must ensure that all parties are fully compliant with the Code, now and in the future.”