The Australian competition and consumer commission was working on a voluntary code of conduct. It would force the tech giants to pay Australian media companies for using their content.

The report found that in Australia, Google and Facebook were taking a large share of online advertising revenue, even though much of their content came from media organizations. The report was part of a series of recommendations from the digital platforms inquiry.

The report calls for a voluntary code that would require companies to negotiate with news media on how to pay for their content. The mandatory code the ACCC is now writing will include penalties, and define what content would be included.

‘it’s only fair that those that generate content get paid for it,’ said frydenberg. frydenberg said it’s’only fair’ that those who generate content gets paid.

Large Australian media companies have asked staff to take pay cuts. Several newspapers have halted production because of a sharp decline in advertising revenue.

A draft of the code of conduct is due to be finalized by the end of July, according to the Guardian. The draft is expected to be finalised by July.

Facebook has invested’millions of dollars’ to support Australian publishers. Will Easton, managing director of Facebook Australia, and New Zealand said the company was’disappointed’ by the Australian government’s announcement.

covid-19 has impacted every business and industry across the country, including publishers. Facebook pledged to invest in the news industry at a time when advertising revenue is declining.

Google has been working since February with more than 25 Australian publishers for input on a voluntary code of conduct under the ACCC’s timeline.

‘we have sought to work constructively with industry, the ACCC and government to develop a code of conduct,’ the spokesperson said.’we will continue to do so in the revised process set out by the government today,’ he said.

Update April 19, 9:09pm et: added statement from Facebook representative. Added statement: update is on April 19th, 9:09 PM et.