The news bargaining reboot risks rewarding the incumbents again
The new media bargaining regime is meant to support journalism. Without key fixes, it could strengthen the giants and sideline independents.
In 2021, the News Media Bargaining Code passed parliament on the promise that money from Google and Meta would help sustain Australian journalism.
Treasury later called it a success, citing more than 30 commercial agreements struck in the first year and $200 million to $250 million a year flowing at its peak.
Five years on, the receipts tell a very different story. According to the Public Interest Journalism Initiative, 183 newsrooms have closed and 175 have contracted. Around 450 journalists were made redundant in 2024 alone, almost all of them at the three commercial publishers that absorbed the largest cheques.
News Corp’s parent company launched a USD1 billion share buyback last July. Nine spent $850 million in March acquiring a billboard company. Seven announced a $100 million cost-out program. The journalists got fired and the capital got recycled.
