# The proposed law would impose a 2.25% tax on the local revenues of the social media giants that are unable or unwilling to reach deals with news outlets.

*business · news · 2026-04-29 · New York Post*

## Key points

- Australia's draft law would levy a 2.25% tax on Meta, Google, and TikTok's local revenues.
- The tax rate drops to 1.5% if enough commercial agreements are reached with news outlets.
- The initiative is projected to generate A$200 million to A$250 million in revenue annually.
- The law is set to take effect July 1 if approved, supporting Australian journalism directly.

**Companies:** Meta, Google, TikTok
**Countries:** Australia, United States

[Read the full story on New York Post](https://nypost.com/2026/04/29/business/australia-to-require-google-meta-tiktok-to-pay-for-local-news-or-face-new-tax/)

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