“The legislation creates a safety net designed to ensure that social media platforms recognise the value of public interest journalism,” said Peter Lewis, director of the Australia Institute’s Centre for Responsible Technology.

“We know the prospect of the code has led to significant settlements with large media players. We now need to see how it works with the hundreds of smaller media organisations that provide the diversity the ACCC is seeking.

“It will be critical to monitor the way those negotiations proceed, and we hope the Treasurer will use his powers to ensure this deal delivers for the entire Australian media and not just the largest players.

“It is also important to recognise this is just part of a series of digital platform reforms proposed by the ACCC relating to disinformation, consumer data, and the creepy ad tech industry.

“We look forward to seeing our elected representatives pursue those reforms with the same determination and enthusiasm as they have the media bargaining code.”