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Reuters | Equities.com |

Australia locked in plans on Tuesday to make Facebook Inc and Google pay its media outlets for news content, a world-first move aimed at protecting independent journalism that has drawn strong opposition from the internet giants.

Under laws to be introduced to parliament on Wednesday, Treasurer Josh Frydenberg said the Big Tech firms will have to negotiate how much they pay local publishers and broadcasters for content that appears on their platforms.

If they can’t strike a deal, a government-appointed arbitrator will decide how much they will need to pay.