I found it bizarre that the Treasurer gets to (arbitrarily?) pick which platforms this applies to and that only 2 platforms, Facebook and Google, were chosen. Maybe I'm just missing the information, but why isn't there just a definition of a platform this should apply to? I'm pretty far removed from this issues, but it smells like some large news organization decided they wanted to get some free money from Facebook and Google so they lobbied for this law.
The law is not bizarre in essence (there are details that are bizarre though): You are free to ask money for your content. On the other hand, Facebook is free to not buy your it.
No, with this law Facebook is not free to not buy the content. They are specifically forbidden from excluding those media companies from results, and lets not forget the cherry on top of the shit sandwich which is being forced to share their algorithm with the media companies, and even having to give advance notice of changes to their algorithm, something which is probably not even possible.
On top of all this, the definition of "core news" in the bill is ridiculously broad.
It's completely untenable, and IMO Facebook would surely (and predictably) have to leave the Australian market under those conditions.