Nine chairman and former federal treasurer Peter Costello says a mandatory code of conduct on Facebook and Google should force the technology giants to pay about $600 million a year into a fund distributed between Australian media companies.
Mr Costello said Nine, owner of The Australian Financial Review, would submit to the competition regulator, which is drawing up the code, that Google and Facebook pay around 10 per cent of the revenue they earn from Australia, effectively for the licensing of content from local media.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
