TikTok’s parent company ByteDance will join Meta and Alphabet in paying new levies for Australian news unless they reach agreements with publishers.

Apple and Microsoft may also be affected if their revenues in Australia exceed $250 million annually.

Labor’s policy seeks to compel Meta to negotiate after it previously refused to pay for news.

Under the proposed legislation, the Australian Taxation Office will impose an annual levy on social media and search companies, exceeding the current news media bargaining code’s value of about $200 million annually.

Companies that negotiate payments to news publishers can offset these payments against their levy.

For example, if a platform faces an $11 million levy with a 10% uplift, it must secure at least $10 million in deals to avoid paying the ATO.

News Distribution

Any shortfall between deals and the annual charge will be collected by the ATO and distributed to publishers.

Final policy details will emerge after consultations early next year.

The law takes effect on January 1, emphasizing quick negotiations with tech companies.

Assistant Treasurer Stephen Jones clarified that the policy aims to facilitate negotiations, not increase government revenue, stating that digital platforms benefit financially from Australia and should support quality journalism.

Labor’s decision follows Meta’s refusal to renegotiate under the existing bargaining code, which could lead to significant job losses in journalism.

The Labor-controlled committee has deemed the current code “broken” and called for an alternative.

Australia’s unemployment rate fell to 3.9% last month, highlighting a robust job market and influencing interest rate forecasts.

The Australian Bureau of Statistics reported an increase of 35,600 jobs, marking the unemployment rate’s first decline below 4% since March.

Economists attribute this growth primarily to expansion in public service and government-funded roles in healthcare and education.

Source: AFR/ABS

Following the job report, Australian shares lost momentum while the local dollar rose by 0.7%, reflecting positive market reactions.

Despite the strong job numbers, Reserve Bank of Australia Governor Michele Bullock indicated a potential cash rate cut from 4.35% as early as February, suggesting confidence in returning inflation to the target range.

New expectations

This shift in the RBA’s stance revives expectations for a pre-election rate cut by the Albanese government, which had seemed unlikely amid solid job data.

NAB’s head of market economics, Tapas Strickland, noted that the employment figures may challenge the RBA’s confidence in its inflation projections.

The current unemployment rate averages 4% this December quarter, below the RBA’s prediction of 4.3%.

Betashares chief economist David Bassanese suggested that the strong employment report diminishes chances for a February rate cut, with May seen as a more likely time for adjustment post-election.

In the aftermath of Luigi Mangione’s murder charge for killing UnitedHealthcare CEO Brian Thompson, a significant online fundraiser for his legal defense has garnered over a thousand donations.

The contributions come with messages that support Mangione and, in some cases, celebrate the act itself.

In New York, “Wanted” posters featuring CEOs have surfaced, and merchandise like “CEO Hunter” hats has appeared online.

Some social media users have expressed admiration for Mangione, highlighting his appearance.

Mangione is accused of shooting Thompson on December 4 outside a Manhattan hotel during an industry conference, which triggered a five-day manhunt.

Online support

While the crime has drawn widespread condemnation, the 26-year-old has gained a controversial following as a sort of folk hero in certain online communities. This support has grown since his arrest.

The messages on the crowdfunding site GiveSendGo reveal a shared frustration with the U.S. healthcare system and rising income inequality.

Some donors have argued that denying healthcare coverage can be seen as a lethal offense. More than $31,000 has been raised on the platform.

Former NYPD detective Felipe Rodriguez expressed concern over Mangione’s martyrdom status among some supporters, asserting that the reality of the crime should not be overlooked. Currently, Mangione faces extradition to New York as police link him to the murder through recovered evidence.