Major streaming players Netflix, Stan, Amazon Prime Video and Disney+ have united to reach consensus on local content requirements, arguing if the government is set on regulation a light-touch approach would ensure the young industry is not stymied.

Sources said the three global streaming giants and Stan, which is owned locally owned by Nine, also owner of The Australian Financial Review, have collaborated on a submission to the Supporting Australian Stories on our screens options paper released by Screen Australia and the Australian Communications and Media Authority.