On Tuesday, the Australian government announced that tech behemoths like Meta and Alphabet (the parent company of Google) could be slapped with fines running into millions of Australian dollars if they can't clinch payment agreements with local media outlets for the news content they use. Under the proposed News Bargaining Code, tech firms that don't seal such deals will be hit with a 2.25% tax on their Australian revenue, with the proceeds from this tax going to news businesses.

Australia's Communications Minister emphasized that major digital platforms ought to chip in for news gathering and editorial endeavors, and those that balk at cooperation will find themselves facing steeper tax bills.

Earlier, former U.S. President Trump was dead set against slapping a digital services tax on American tech giants and even went as far as to threaten to levy tariffs. In reply, the Australian Prime Minister made it clear that Australia will make its own calls, guided solely by national interests.