No Facebook News for Australia Is Bad News for Facebook

Author:
Publish date:
Video Duration:
1:29

No news for Australia's Facebook (FB) - Get Report users appears to be bad news for Facebook.

Facebook has barred Australians from finding or sharing news on its service, a dramatic escalation of a fight with the government over paying local publishers for news - and users and officials alike aren't happy about it.

The Australian government has slammed Facebook's decision to block users in the country from all news content on its platform - a move that ended up affecting access to several government sites, including ones that provide information about COVID-19 and vaccinations. 

Australia’s Prime Minister Scott Morrison called Facebook’s move “arrogant” and “disappointing,” while Treasurer Josh Frydenberg said it was “wrong” and “unnecessary,” and that its actions "...will damage its reputation here in Australia.” 

Facebook's action comes after months of tension with the Australian government, which has proposed legislation that would force tech platforms to pay news publishers for content. Australia’s Parliament held hearings on the issue last month.

Latest Videos From TheStreet and Jim Cramer:

Watch: Lessons In Leadership

TheStreet's Tony Owusu speaks with CEOs running minority-owned private equity firms to better understand How to Break Diversity Barriers on Wall Street. Plus, TheStreet's Anuz Thapa has a series of interviews focusing on the next generation of leaders on and off Wall Street. Watch the videos below: