“ If this draft code becomes law, we regret to disable the ability to share local and international news for all Facebook and Instagram users in Australia, ” the company said in a statement.

We will remind, Facebook does not agree with the provisions of the code of participants in the media market, which is being developed by the Australian Competition and Consumer Protection Commission (ACCC). If the code is approved by the government, Facebook and other tech companies will be required to pay Australian media and publishers for news content they publish. The company argues that news content “is not a significant source of income,” and that the law will only harm the dynamics of interactions between social networks and media.

The statement notes that media outlets in Australia and other countries are benefiting from their content appearing on Facebook, which allows media companies to sell more subscriptions and increase their ad revenue. For example, in the first five months of this year, Facebook links to Australian media websites generated nearly 2.3 billion clicks. Thanks to this, the media companies received approximately $ 150 million in additional income.

The new law affects not only Facebook but also Google, which also does not agree to pay Australian media for news content displayed in search results.