India, April 29 -- The Australian government has proposed taxing social media giants Meta, Google and TikTok a proportion of their revenue to pay for news reporters.

The government unveiled draft legislation on Tuesday that it plans to present to Parliament by July 2. The proposal aims to encourage social media companies to make agreements with news organisations, offering financial incentives for them to pay for journalism, as reported by AP.

Platforms argue that the proposal was a "digital services tax" that does not completely understand the evolving advertising industry and would fail to deliver a sustainable news sector.

Australian Prime Minister Anthony Albanese argued that a monetary value should be attached to journalists' work...