Australia raises levy to 2.5% on tech ad earnings
Business
Australia is raising the stakes for big tech companies like Meta, Google, TikTok, and LinkedIn that use Australian news but don't share revenue with local media.
The new levy is now 2.5% (up from 2.25%), but it's only on their ad earnings, not their whole business.
Levy funds to support Australian journalism
All the funds collected from this levy will be used to support Australian journalism.
The updated rules are set to hit parliament later this month as part of a push to make sure tech giants help keep local news alive.
As Assistant Treasurer Daniel Mulino put it, the higher rate helps these companies "increase as the amount of revenue from advertising increases."