Tech giant Meta on Thursday attacked Australia's "grossly unfair" bid to make social media companies pay for news, saying it is vehemently opposed to the draft laws. " this law is poorly designed, grossly unfair, and will fail to deliver a diverse and sustainable news industry," said Meta, the parent company of Facebook and Instagram.

Two major lobby groups representing US tech giants say the News Bargaining Incentive is the latest policy that could dampen investment in Australia.

A plan to force Meta, Google and TikTok into compensating Australian media companies has drawn the unfiltered ire of Mark Zuckerberg’s $2.1 trillion giant.