Who knows. Google is almost certainly bluffing, they wouldn’t pull search from Australia. Especially if that meant conceding the entire market to Bing.
It has changed to favour traditional big papers instead of smaller ones, since yes people go directly to the bigger sites now. Barely anyone goes or even knows what Bing is in Spain.
And there's plenty of other countries that would be eager to get money out of Google if Australia shows a method that works.
Of course, China didn't fold when Google pulled out so it's questionable whether they consider that a winning strategy or not.