“Assuming this draft code becomes law, we will reluctantly stop allowing publishers and people in Australia from sharing local and international news on Facebook and Instagram,” Managing Director of Facebook Australia and New Zealand, Will Easton, said in a statement.
In July, the Australian Competition and Consumer Commission (ACCC) proposed its code of conduct.
The new law requires the social-media giant and Google to pay publishers for the value they provide to their platforms.
In turn, Treasurer Josh Frydenberg said that: "Australia makes laws that advance our national interest. We don't respond to coercion or heavy handed threats, wherever they come from."
