Australian Treasurer Josh Frydenberg said in a statement that the Australian Parliament passed the mandatory bargaining Act on News Media and Digital platforms on Thursday.

The law solves the imbalance in bargaining power between news media business and digital platforms, the statement said.

Before the law was passed, before the government agreed to amend the world's first compulsory Facebook IncAnd Alphabet Inc-CL CFacebook Inc lifted the ban on Australian news content after a law that paid local publishers for content.

According to the statement, the bill was enacted after extensive analysis by the Australian Competition and Consumer Commission, including nearly three years of public consultation. The bill will ensure that the news media business receives reasonable remuneration for the content it produces, thus helping to maintain pro bono news in Australia. The Act provides a framework for bona fide consultations between the parties and provides a fair and balanced arbitration procedure for the settlement of outstanding disputes.

The statement said that all parties are encouraged to engage in business negotiations outside the law, and the government is pleased to see that Alphabet Inc-CL C and Facebook Inc have recently made progress in reaching business arrangements with Australian news and media companies.