Australia has proposed new legislation forcing major tech companies like Meta, Google, and TikTok to compensate local publishers. Failure to pay for news content could result in a hefty 2.25 percent levy on their Australian revenue.

Australia unveiled draft laws on Tuesday that would force Meta, Google and TikTok to pay local publishers for news content or face a levy worth 2.25 percent of their Australian revenue, in a major push to support struggling media outlets and curb the dominance of global tech platforms.