If it didn't make business sense then Google wouldn't be showing them in the first place. It plainly does make business sense. Google shouldn't be afraid to pay for what it uses.
I think this is about crony capitalism. The old mates want to have their cake and eat it too and get paid as well, and their mates are making that happen.
Just the fact that the ABC and SBS are excluded says it all really. This is clearly not about journalism.
To quote the ACCC chair: “We note that 88 smaller media businesses teamed up to submit a joint submission as part of the process of developing the code. Under our plan, these businesses could again work together to negotiate with the platforms over fair payment for their content.”'
You really are failing to understand this. You must try harder.
The want to have their cake and eat it too, plus get paid for the privilege.
Having said this, I have no sympathy for Google either.